The Corporate Insolvency Resolution Process (CIRP) was initiated against Dropbase Software Pvt. Ltd. by Karvy Forde Search Pvt. Ltd. on 20.10.2022. Mr. Rajneesh Sharma was appointed as the Interim Resolution Professional (IRP) and subsequently confirmed as the Resolution Professional (RP). The Committee of Creditors (CoC) was constituted, comprising four creditors, with government entities holding a majority voting share. However, the CoC repeatedly rejected key resolutions, including approval for CIRP costs, RP remuneration, appointment of advisors, and proposals for company revival or early dissolution. The suspended directors, Mr. Himanshu Meena and Mr. Akhil Sharma, failed to cooperate by not providing essential financial information. The Corporate Debtor was found
…The Corporate Insolvency Resolution Process (CIRP) was initiated against Dropbase Software Pvt. Ltd. on 20.10.2022 by an order of the Adjudicating Authority, based on a petition filed by M/s Karvy Forde Search Pvt. Ltd. under Section 9 of the IBC.
Mr. Rajneesh Sharma was appointed as the Interim Resolution Professional (IRP) and subsequently confirmed as the Resolution Professional (RP) by the Committee of Creditors (CoC) on 29.11.2022.
The CoC comprises 4 creditors, with government entities (Assistant Commissioner, CGST & Central Excise, and Income Tax Officer) collectively holding a majority voting share of 81.55%.
…Sign in to view the parties.
CIRP initiated by Adjudicating Authority under…
Claim of M/s Karvy…
The Corporate Insolvency Resolution Process (CIRP) was initiated against Dropbase Software Pvt. Ltd. by Karvy Forde Search Pvt. Ltd. on 20.10.2022. Mr. Rajneesh Sharma was appointed as the Interim Resolution Professional (IRP) and subsequently confirmed as the Resolution Professional (RP). The Committee of Creditors (CoC) was constituted, comprising four creditors, with government entities holding a majority voting share. However, the CoC repeatedly rejected key resolutions, including approval for CIRP costs, RP remuneration, appointment of advisors, and proposals for company revival or early dissolution. The suspended directors, Mr. Himanshu Meena and Mr. Akhil Sharma, failed to cooperate by not providing essential financial information. The Corporate Debtor was found
…The Corporate Insolvency Resolution Process (CIRP) was initiated against Dropbase Software Pvt. Ltd. on 20.10.2022 by an order of the Adjudicating Authority, based on a petition filed by M/s Karvy Forde Search Pvt. Ltd. under Section 9 of the IBC.
Mr. Rajneesh Sharma was appointed as the Interim Resolution Professional (IRP) and subsequently confirmed as the Resolution Professional (RP) by the Committee of Creditors (CoC) on 29.11.2022.
The CoC comprises 4 creditors, with government entities (Assistant Commissioner, CGST & Central Excise, and Income Tax Officer) collectively holding a majority voting share of 81.55%.
…CIRP initiated by Adjudicating Authority under…
Claim of M/s Karvy…