The case pertains to I.A. No. 163 of 2022 filed in C.P. (IB) No. 32/BB/2021 before the National Company Law Tribunal (NCLT), Bengaluru Bench. The main petition, C.P. (IB) No. 32/BB/2021, was initiated under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, by Mr. PuttaKempanna (Financial Creditor) against M/s. Welworth Software Pvt. Ltd. The petition was admitted on 01.02.2022, and Mr. Srinivas Thatikonda was appointed as the Interim Resolution Professional (IRP). The IRP then filed IA No. 65 of 2021 seeking directions against the erstwhile directors of the Corporate Debtor to cooperate. The CoC decided to liquidate the Corporate Debtor due to lack of resolution applicants. The current application, I.A. No. 163 of 2022, was filed by the IRP under Section
…Mr. PuttaKempanna, acting as the Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Welworth Software Pvt. Ltd. The petition was admitted on 01.02.2022, leading to the appointment of Mr. Srinivas Thatikonda as the Interim Resolution Professional (IRP). The IRP filed IA No. 65 of 2021 seeking directions against the erstwhile directors of the Corporate Debtor to cooperate with the resolution process. However, the ex-directors failed to cooperate. The IRP also expressed his inability to continue due to health reasons. The CoC, in its fifth meeting held on 16.04.2022, decided to liquidate the Corporate Debtor, as no resolution applicants were interested. More than 66% of the CoC passed the resolution for liquidation. The IRP then
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IA No.65 of 2021 was filed by the IRP of the…
The main Petition bearing C.P. (IB) No.32…
The case pertains to I.A. No. 163 of 2022 filed in C.P. (IB) No. 32/BB/2021 before the National Company Law Tribunal (NCLT), Bengaluru Bench. The main petition, C.P. (IB) No. 32/BB/2021, was initiated under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, by Mr. PuttaKempanna (Financial Creditor) against M/s. Welworth Software Pvt. Ltd. The petition was admitted on 01.02.2022, and Mr. Srinivas Thatikonda was appointed as the Interim Resolution Professional (IRP). The IRP then filed IA No. 65 of 2021 seeking directions against the erstwhile directors of the Corporate Debtor to cooperate. The CoC decided to liquidate the Corporate Debtor due to lack of resolution applicants. The current application, I.A. No. 163 of 2022, was filed by the IRP under Section
…Mr. PuttaKempanna, acting as the Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Welworth Software Pvt. Ltd. The petition was admitted on 01.02.2022, leading to the appointment of Mr. Srinivas Thatikonda as the Interim Resolution Professional (IRP). The IRP filed IA No. 65 of 2021 seeking directions against the erstwhile directors of the Corporate Debtor to cooperate with the resolution process. However, the ex-directors failed to cooperate. The IRP also expressed his inability to continue due to health reasons. The CoC, in its fifth meeting held on 16.04.2022, decided to liquidate the Corporate Debtor, as no resolution applicants were interested. More than 66% of the CoC passed the resolution for liquidation. The IRP then
…IA No.65 of 2021 was filed by the IRP of the…
The main Petition bearing C.P. (IB) No.32…