The case involves an application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against Taksha Spaces Private Limited. The CIRP was initiated following the admission of a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The Resolution Professional (RP) filed the application under Section 12A of the IBC, citing an amicable settlement between the Corporate Debtor and the original petitioner, Birmecha Investments Private Limited. The Committee of Creditors (CoC) unanimously agreed to consider the withdrawal due to the termination of development rights by the Society and the lack of prospective cash flows or resolution applicants, given pending litigations at the High Court.
Birmecha Investments Private Limited initiated CIRP against Taksha Spaces Private Limited under Section 7 of the IBC. The petition was admitted on 2022-11-25. Prajakta Menezes was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The IRP made public announcements and convened CoC meetings. Claims were received from 14 homebuyers amounting to Rs. 48,26,06,941. Bimrecha Investments Private Limited, the original petitioner, submitted Form FA for withdrawal of the CIRP on 2023-03-04. The CoC unanimously agreed to withdraw the CIRP due to the termination of the Corporate Debtor's redevelopment rights and pending litigations in the High Court. The CoC voted in favor of the withdrawal, and the RP filed an
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A petition under…
Prajakta Menezes was…
The case involves an application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against Taksha Spaces Private Limited. The CIRP was initiated following the admission of a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The Resolution Professional (RP) filed the application under Section 12A of the IBC, citing an amicable settlement between the Corporate Debtor and the original petitioner, Birmecha Investments Private Limited. The Committee of Creditors (CoC) unanimously agreed to consider the withdrawal due to the termination of development rights by the Society and the lack of prospective cash flows or resolution applicants, given pending litigations at the High Court.
Birmecha Investments Private Limited initiated CIRP against Taksha Spaces Private Limited under Section 7 of the IBC. The petition was admitted on 2022-11-25. Prajakta Menezes was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The IRP made public announcements and convened CoC meetings. Claims were received from 14 homebuyers amounting to Rs. 48,26,06,941. Bimrecha Investments Private Limited, the original petitioner, submitted Form FA for withdrawal of the CIRP on 2023-03-04. The CoC unanimously agreed to withdraw the CIRP due to the termination of the Corporate Debtor's redevelopment rights and pending litigations in the High Court. The CoC voted in favor of the withdrawal, and the RP filed an
…A petition under…
Prajakta Menezes was…