The case involves an application filed by the Resolution Professional, Mr. Praful Raghunath Renuse, under Sections 33, 34, and 35 read with Section 60(5) of the Insolvency & Bankruptcy Code, 2016, seeking an order for the liquidation of the Corporate Debtor, M/s. Planet 41 Mobi-Ventures Limited, and the appointment of a liquidator. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following the admission of a petition filed under Section 9 of the Code by the Operational Creditor, M/s. MDS Digital Media Pvt Ltd. The Committee of Creditors (CoC) was formed, comprising only the Operational Creditor.
M/s. Planet 41 Mobi-Ventures Limited underwent Corporate Insolvency Resolution Process (CIRP) after a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC) was admitted. M/s. MDS Digital Media Pvt Ltd., the Operational Creditor, initiated the process. Mr. Praful Raghunath Renuse was appointed as the Resolution Professional (RP). The Committee of Creditors (CoC) consisted solely of M/s. MDS Digital Media Pvt Ltd. The RP reported that the Corporate Debtor had not been operational for four years, had no functioning assets, and no employees. A forensic audit revealed discrepancies in the Corporate Debtor's accounts, including potential PUFE transactions amounting to significant sums. The books of accounts were not properly maintained, hindering the
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C.P.(IB)/1658(MB)/2018 filed under Section 9…
Tribunal admitted the petition and Corporate…
The case involves an application filed by the Resolution Professional, Mr. Praful Raghunath Renuse, under Sections 33, 34, and 35 read with Section 60(5) of the Insolvency & Bankruptcy Code, 2016, seeking an order for the liquidation of the Corporate Debtor, M/s. Planet 41 Mobi-Ventures Limited, and the appointment of a liquidator. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following the admission of a petition filed under Section 9 of the Code by the Operational Creditor, M/s. MDS Digital Media Pvt Ltd. The Committee of Creditors (CoC) was formed, comprising only the Operational Creditor.
M/s. Planet 41 Mobi-Ventures Limited underwent Corporate Insolvency Resolution Process (CIRP) after a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC) was admitted. M/s. MDS Digital Media Pvt Ltd., the Operational Creditor, initiated the process. Mr. Praful Raghunath Renuse was appointed as the Resolution Professional (RP). The Committee of Creditors (CoC) consisted solely of M/s. MDS Digital Media Pvt Ltd. The RP reported that the Corporate Debtor had not been operational for four years, had no functioning assets, and no employees. A forensic audit revealed discrepancies in the Corporate Debtor's accounts, including potential PUFE transactions amounting to significant sums. The books of accounts were not properly maintained, hindering the
…C.P.(IB)/1658(MB)/2018 filed under Section 9…
Tribunal admitted the petition and Corporate…