The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s Tushara Energy Ventures Private Limited based on an order dated 2021-11-23 under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, by M/s Varnika Industries Private Limited. During the CIRP, no resolution plans were received. Consequently, the Committee of Creditors (COC) decided to liquidate the company. Mr. Pavan Kankani was appointed as the liquidator under Section 32(2) of the IBC. The liquidator filed an application (IA No. 458/2022) to initiate the liquidation process, which was approved by the Tribunal, confirming his appointment. During the CIRP, the liquidator identified certain transactions believed to be intended to defraud the creditors of the Corporate Debtor. Show
…The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s Tushara Energy Ventures Private Limited by M/s Varnika Industries Private Limited under Section 9 of the IBC. No resolution plans were received during the CIRP, leading the Committee of Creditors (COC) to decide on liquidation. Mr. Pavan Kankani was appointed as the liquidator. The liquidator filed an application (IA No. 458/2022) for initiating the liquidation process, which was approved by the Tribunal. During the CIRP, the liquidator identified transactions suspected of defrauding creditors and issued show cause notices to the involved parties, including former directors, but their responses were deemed inadequate. The liquidator filed two applications to recover funds from these
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Corporate Insolvency Resolution Process (CIRP)…
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The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s Tushara Energy Ventures Private Limited based on an order dated 2021-11-23 under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, by M/s Varnika Industries Private Limited. During the CIRP, no resolution plans were received. Consequently, the Committee of Creditors (COC) decided to liquidate the company. Mr. Pavan Kankani was appointed as the liquidator under Section 32(2) of the IBC. The liquidator filed an application (IA No. 458/2022) to initiate the liquidation process, which was approved by the Tribunal, confirming his appointment. During the CIRP, the liquidator identified certain transactions believed to be intended to defraud the creditors of the Corporate Debtor. Show
…The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s Tushara Energy Ventures Private Limited by M/s Varnika Industries Private Limited under Section 9 of the IBC. No resolution plans were received during the CIRP, leading the Committee of Creditors (COC) to decide on liquidation. Mr. Pavan Kankani was appointed as the liquidator. The liquidator filed an application (IA No. 458/2022) for initiating the liquidation process, which was approved by the Tribunal. During the CIRP, the liquidator identified transactions suspected of defrauding creditors and issued show cause notices to the involved parties, including former directors, but their responses were deemed inadequate. The liquidator filed two applications to recover funds from these
…Corporate Insolvency Resolution Process (CIRP)…
Applicant/Liquidator moved an application…