The Corporate Debtor (VR2 Land Development Private Limited) was admitted into Corporate Insolvency Resolution Process (CIRP) on 06.06.2023. Mr. Debi Prasanna Sarang was appointed as the Interim Resolution Professional (IRP), who was later replaced by PCS Vaishali Patrikar (Applicant/Resolution Professional). The Committee of Creditors (CoC) was constituted with Gajendra Investment Limited as its sole member. Initially, the CoC resolved to dissolve the CD without liquidation, but this application was later withdrawn. Due to the absence of resolution plans and the identification of avoidance transactions through a Transaction Audit Report, the CoC subsequently resolved to initiate the liquidation process for the Corporate Debtor.
The instant Application was filed by PCS Vaishali Patrikar, Insolvency Professional (Applicant / Resolution Professional), under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking initiation of liquidation qua VR2 Land Development Private Limited, the Corporate Debtor (CD).
The CD was incorporated on 07.05.2007, and its business includes Builders, Executors, Developers, Infrastructure Developers, and contractors.
The CD was admitted into Corporate Insolvency Resolution Process (CIRP) by the Adjudicating Authority (AA) vide Order dated 06.06.2023, passed under Section 7 of the Code.
Mr. Debi Prasanna Sarang was appointed as the Interim Resolution Professional (IRP) pursuant to the admission order.
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VR2 Land Development…
The Corporate Debtor was admitted into…
The Corporate Debtor (VR2 Land Development Private Limited) was admitted into Corporate Insolvency Resolution Process (CIRP) on 06.06.2023. Mr. Debi Prasanna Sarang was appointed as the Interim Resolution Professional (IRP), who was later replaced by PCS Vaishali Patrikar (Applicant/Resolution Professional). The Committee of Creditors (CoC) was constituted with Gajendra Investment Limited as its sole member. Initially, the CoC resolved to dissolve the CD without liquidation, but this application was later withdrawn. Due to the absence of resolution plans and the identification of avoidance transactions through a Transaction Audit Report, the CoC subsequently resolved to initiate the liquidation process for the Corporate Debtor.
The instant Application was filed by PCS Vaishali Patrikar, Insolvency Professional (Applicant / Resolution Professional), under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking initiation of liquidation qua VR2 Land Development Private Limited, the Corporate Debtor (CD).
The CD was incorporated on 07.05.2007, and its business includes Builders, Executors, Developers, Infrastructure Developers, and contractors.
The CD was admitted into Corporate Insolvency Resolution Process (CIRP) by the Adjudicating Authority (AA) vide Order dated 06.06.2023, passed under Section 7 of the Code.
Mr. Debi Prasanna Sarang was appointed as the Interim Resolution Professional (IRP) pursuant to the admission order.
…VR2 Land Development…
The Corporate Debtor was admitted into…