The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against Talwalkars Healthclubs Limited, designated as the 'Corporate Debtor'. Axis Bank Limited, the 'Financial Creditor', filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), which was admitted by the National Company Law Tribunal (NCLT) on March 9, 2021. Following the admission, an Interim Resolution Professional (IRP) was appointed, who then made public announcements inviting claims from creditors. A Committee of Creditors (CoC) was constituted. Prior to the CIRP, a scheme of demerger was approved by the NCLT on December 21, 2017, where Talwalkars Better Value Fitness Limited's (TBVFL) gym business was demerged into the Corporate Debtor. The IRP was appointed
…On 2021-03-09, the NCLT admitted a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC) filed by Axis Bank Limited, initiating the Corporate Insolvency Resolution Process (CIRP) against Talwalkars Healthclubs Limited. An Interim Resolution Professional (IRP) was appointed, who invited claims from creditors and constituted a Committee of Creditors (CoC). Prior to the CIRP, a demerger scheme was approved on 2017-12-21, where Talwalkars Better Value Fitness Limited's (TBVFL) gym business was demerged into Talwalkars Healthclubs Limited. The IRP was appointed as the Resolution Professional (RP) on 2021-04-08. Due to non-cooperation from the erstwhile management, the RP filed an application seeking cooperation from the suspended Board of Directors and
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A scheme of demerger was approved by the…
The NCLT admitted a petition under Section 7…
The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against Talwalkars Healthclubs Limited, designated as the 'Corporate Debtor'. Axis Bank Limited, the 'Financial Creditor', filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), which was admitted by the National Company Law Tribunal (NCLT) on March 9, 2021. Following the admission, an Interim Resolution Professional (IRP) was appointed, who then made public announcements inviting claims from creditors. A Committee of Creditors (CoC) was constituted. Prior to the CIRP, a scheme of demerger was approved by the NCLT on December 21, 2017, where Talwalkars Better Value Fitness Limited's (TBVFL) gym business was demerged into the Corporate Debtor. The IRP was appointed
…On 2021-03-09, the NCLT admitted a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC) filed by Axis Bank Limited, initiating the Corporate Insolvency Resolution Process (CIRP) against Talwalkars Healthclubs Limited. An Interim Resolution Professional (IRP) was appointed, who invited claims from creditors and constituted a Committee of Creditors (CoC). Prior to the CIRP, a demerger scheme was approved on 2017-12-21, where Talwalkars Better Value Fitness Limited's (TBVFL) gym business was demerged into Talwalkars Healthclubs Limited. The IRP was appointed as the Resolution Professional (RP) on 2021-04-08. Due to non-cooperation from the erstwhile management, the RP filed an application seeking cooperation from the suspended Board of Directors and
…A scheme of demerger was approved by the…
The NCLT admitted a petition under Section 7…