The case involves an application (I.A. 1487 of 2021) filed by the Resolution Professional, Mr. Bhaskar Gopalshetty, under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of the Corporate Debtor, MIRAGE CERAMICS PRIVATE LIMITED. The CIRP was initiated on February 14, 2020. The IRP was appointed and took control of the Corporate Debtor. A COC was formed, and multiple attempts were made to find a resolution plan. Valuation reports were obtained for the assets of the Corporate Debtor. Despite multiple invitations for resolution plans, only one plan was submitted and subsequently rejected by the COC. The COC then decided to proceed with liquidation.
The Corporate Insolvency Resolution Process (CIRP) of MIRAGE CERAMICS PRIVATE LIMITED was initiated on February 14, 2020. Mr. Bhaskar Gopalshetty was appointed as the Interim Resolution Professional (IRP) and later continued as Resolution Professional (RP). The IRP took control of the Corporate Debtor and formed a Committee of Creditors (COC). The COC initially comprised Kamlesh Mehta (56.86% voting share), Abhyudaya Co-op Bank Ltd. (43.14% voting share), and Deputy Commissioner of State Tax, Mumbai (0% voting share). Abhyudaya Bank assigned its loan to Asrec (India) Ltd. on August 26, 2020, leading to reconstitution of the COC. Valuers were appointed, and valuation reports were obtained for the assets of the Corporate Debtor. Multiple invitations for resolution plans
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Corporate Insolvency Resolution Process…
Mr. Bhaskar Gopalshetty…
The case involves an application (I.A. 1487 of 2021) filed by the Resolution Professional, Mr. Bhaskar Gopalshetty, under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of the Corporate Debtor, MIRAGE CERAMICS PRIVATE LIMITED. The CIRP was initiated on February 14, 2020. The IRP was appointed and took control of the Corporate Debtor. A COC was formed, and multiple attempts were made to find a resolution plan. Valuation reports were obtained for the assets of the Corporate Debtor. Despite multiple invitations for resolution plans, only one plan was submitted and subsequently rejected by the COC. The COC then decided to proceed with liquidation.
The Corporate Insolvency Resolution Process (CIRP) of MIRAGE CERAMICS PRIVATE LIMITED was initiated on February 14, 2020. Mr. Bhaskar Gopalshetty was appointed as the Interim Resolution Professional (IRP) and later continued as Resolution Professional (RP). The IRP took control of the Corporate Debtor and formed a Committee of Creditors (COC). The COC initially comprised Kamlesh Mehta (56.86% voting share), Abhyudaya Co-op Bank Ltd. (43.14% voting share), and Deputy Commissioner of State Tax, Mumbai (0% voting share). Abhyudaya Bank assigned its loan to Asrec (India) Ltd. on August 26, 2020, leading to reconstitution of the COC. Valuers were appointed, and valuation reports were obtained for the assets of the Corporate Debtor. Multiple invitations for resolution plans
…Corporate Insolvency Resolution Process…
Mr. Bhaskar Gopalshetty…