Resolution Professional Seeks Fresh Bids For IT Firm Bodhtree

Bodhtree Consulting Ltd.s’ resolution professional is seeking fresh expression of interest (EoI) for the bankrupt company from potential suitors.

The last date to submit the EoI for the Hyderabad-based information technology company is 15 June, Resolution Professional Azra Banu said in a public announcement. The EoI should be sent to bodhtreecirp@gmail.com, she added.

The provisional list of prospective resolution applications (PRAs) will be issued on 25 June.

Bodhtree is undergoing the corporate insolvency resolution process after the Hyderabad bench of the National Company Law Tribunal (NCLT) admitted a petition filed by its operational creditor Crayon Software Experts India Private Ltd. on 20 February, alleging a default of over nine crore rupees ($1 million).

The NCLT later appointed Banu as the company’s resolution professional.

As of 21 March, the admitted claim against the company stood at around 68 crore rupees out of the total claim of over 74 crore rupees.

The move to seek fresh EoI for Bodhtree came after Banu apprised the company’s committee of creditors that some more parties were interested to submit their bids, but couldn’t do so due to the constraint of the last date.

As a result, the creditors gave their nod to seek fresh bids with an aim to maximize the value of Bodhtree and receive more number of competitive PRAs.

In the first EoI, 19 parties showed interest but only four suitors -- Bodhtree, Yantrapur Developers Private Ltd., Samala Rajashekar, and Intellirisk & Intellisense Service Private Ltd. -- submitted their EoIs by the last date of 13 May.

Bodhtree is a CMMI level 5 company, which enables enterprises to transform their business using the power of cloud, analytics and digital solutions, according to its website.

(Note: $1 = 82.6884 Indian rupees)

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