The Corporate Insolvency Resolution Process (CIRP) was initiated against Stargaze Entertainment Pvt. Ltd. (Corporate Debtor) by J.C. Flowers Asset Reconstruction Pvt. Ltd. (Financial Creditor) under Section 7 of the IBC, 2016, due to a default of Rs. 70,33,51,777.91. Mr. Ashok Kumar Gulla was appointed as the Resolution Professional (RP). Claims were received from both financial and operational creditors. A resolution plan was submitted by Cine Corp Filmdom Pvt. Ltd., which faced scrutiny and was initially rejected by the Tribunal due to significant discrepancies in asset valuation and a low offer compared to the Corporate Debtor's potential asset value. The plan was subsequently revised.
CIRP was initiated against Stargaze Entertainment Pvt. Ltd. (Corporate Debtor) by J.C. Flowers Asset Reconstruction Pvt. Ltd. (Financial Creditor) under Section 7 of IBC, 2016.
The Corporate Debtor defaulted on an amount of Rs. 70,33,51,777.91/- as of 29.12.2023.
The Financial Creditor recalled the Credit Facilities granted to the Corporate Debtor on 12.07.2021.
The date of default was 19.07.2021 (7 days post recall), which was within the limitation period.
The default committed by the corporate debtor was also recorded as 30.01.2021 in the NeSL Form-D report.
CIRP commenced on 13.05.2024, and the Corporate Debtor did not appear despite notice, leading to ex-parte proceedings.
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The Corporate Insolvency Resolution Process (CIRP) was initiated against Stargaze Entertainment Pvt. Ltd. (Corporate Debtor) by J.C. Flowers Asset Reconstruction Pvt. Ltd. (Financial Creditor) under Section 7 of the IBC, 2016, due to a default of Rs. 70,33,51,777.91. Mr. Ashok Kumar Gulla was appointed as the Resolution Professional (RP). Claims were received from both financial and operational creditors. A resolution plan was submitted by Cine Corp Filmdom Pvt. Ltd., which faced scrutiny and was initially rejected by the Tribunal due to significant discrepancies in asset valuation and a low offer compared to the Corporate Debtor's potential asset value. The plan was subsequently revised.
CIRP was initiated against Stargaze Entertainment Pvt. Ltd. (Corporate Debtor) by J.C. Flowers Asset Reconstruction Pvt. Ltd. (Financial Creditor) under Section 7 of IBC, 2016.
The Corporate Debtor defaulted on an amount of Rs. 70,33,51,777.91/- as of 29.12.2023.
The Financial Creditor recalled the Credit Facilities granted to the Corporate Debtor on 12.07.2021.
The date of default was 19.07.2021 (7 days post recall), which was within the limitation period.
The default committed by the corporate debtor was also recorded as 30.01.2021 in the NeSL Form-D report.
CIRP commenced on 13.05.2024, and the Corporate Debtor did not appear despite notice, leading to ex-parte proceedings.
…Operation and management…
The corporate debtor…