The case involves a writ petition filed by Mr. Kunwer Sachdev, ex-Director of Su-Kam Power Systems Limited, against several banks, financial institutions, and the IBBI, concerning the Corporate Insolvency Resolution Process (CIRP) of Su-Kam Power Systems Limited. The petitioner raised grievances regarding the functioning of the Committee of Creditors (CoC) and sought guidelines for effective monitoring and functioning of the CoC. The petitioner also challenged proceedings initiated against him based on personal guarantees and sought to bar further proceedings under the RDDBFI Act or IBC against him.
Mr. Kunwer Sachdev, the ex-Director of Su-Kam Power Systems Limited, filed a writ petition challenging the CIRP process of Su-Kam Power Systems Limited, which had commenced in 2018. The petitioner raised concerns about the functioning of the Committee of Creditors (CoC), alleging that the CoC diminished the value of the company's assets. He claimed the company was valued at Rs. 300 crores but was sold for a meager Rs. 10 crores. The petitioner also pointed out that the Resolution Professional had proposed raising interim finance to keep the company as a going concern, but the CoC rejected this proposal. The petitioner further alleged that he was not allowed to bring in investors to settle outstanding dues. The petitioner also challenged proceedings initiated against
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Su-Kam Power Systems…
Resolution Professional approached the court…
The case involves a writ petition filed by Mr. Kunwer Sachdev, ex-Director of Su-Kam Power Systems Limited, against several banks, financial institutions, and the IBBI, concerning the Corporate Insolvency Resolution Process (CIRP) of Su-Kam Power Systems Limited. The petitioner raised grievances regarding the functioning of the Committee of Creditors (CoC) and sought guidelines for effective monitoring and functioning of the CoC. The petitioner also challenged proceedings initiated against him based on personal guarantees and sought to bar further proceedings under the RDDBFI Act or IBC against him.
Mr. Kunwer Sachdev, the ex-Director of Su-Kam Power Systems Limited, filed a writ petition challenging the CIRP process of Su-Kam Power Systems Limited, which had commenced in 2018. The petitioner raised concerns about the functioning of the Committee of Creditors (CoC), alleging that the CoC diminished the value of the company's assets. He claimed the company was valued at Rs. 300 crores but was sold for a meager Rs. 10 crores. The petitioner also pointed out that the Resolution Professional had proposed raising interim finance to keep the company as a going concern, but the CoC rejected this proposal. The petitioner further alleged that he was not allowed to bring in investors to settle outstanding dues. The petitioner also challenged proceedings initiated against
…Su-Kam Power Systems…
Resolution Professional approached the court…