Office Beanz Private Limited filed a petition under Section 10 of the Insolvency & Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The company, engaged in leasing and sub-leasing, faced financial difficulties due to the COVID-19 pandemic, leading to vacant premises and termination of leases. The Corporate Applicant claimed inability to sustain itself and meet rental obligations and service dues. The application was supported by a resolution passed on 17.11.2020, authorizing Mr. Sharad Bajaj to file the petition. Several creditors filed replies, alleging that the Corporate Applicant was solvent, had siphoned off funds, and manipulated financial statements. The creditors also raised concerns about the validity of lease deeds
…Office Beanz Private Limited, a company engaged in leasing and sub-leasing, filed an application under Section 10 of the Insolvency & Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP). The company's registered office is located in Gurgaon, Haryana. The company claimed financial distress due to the COVID-19 pandemic, which led to vacant leased premises and termination of sub-leases. The company's director, Mr. Sharad Bajaj, was authorized to file the petition via a board resolution dated 17.11.2020. The company's nominal and paid-up share capital is Rs. 1,000,000/-. The company's financial statements for 2019-20 and 2020-21, along with provisional statements as of 08.02.2021, were submitted. Creditors opposed the application, alleging
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Defaults arising on or after this date are…
Resolution passed authorizing Mr. Sharad Bajaj…
Office Beanz Private Limited filed a petition under Section 10 of the Insolvency & Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The company, engaged in leasing and sub-leasing, faced financial difficulties due to the COVID-19 pandemic, leading to vacant premises and termination of leases. The Corporate Applicant claimed inability to sustain itself and meet rental obligations and service dues. The application was supported by a resolution passed on 17.11.2020, authorizing Mr. Sharad Bajaj to file the petition. Several creditors filed replies, alleging that the Corporate Applicant was solvent, had siphoned off funds, and manipulated financial statements. The creditors also raised concerns about the validity of lease deeds
…Office Beanz Private Limited, a company engaged in leasing and sub-leasing, filed an application under Section 10 of the Insolvency & Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP). The company's registered office is located in Gurgaon, Haryana. The company claimed financial distress due to the COVID-19 pandemic, which led to vacant leased premises and termination of sub-leases. The company's director, Mr. Sharad Bajaj, was authorized to file the petition via a board resolution dated 17.11.2020. The company's nominal and paid-up share capital is Rs. 1,000,000/-. The company's financial statements for 2019-20 and 2020-21, along with provisional statements as of 08.02.2021, were submitted. Creditors opposed the application, alleging
…Defaults arising on or after this date are…
Resolution passed authorizing Mr. Sharad Bajaj…