Mr. M. Suresh Kumar Reddy, the suspended director of M/s. Kranthi Edifice Private Limited, filed a writ petition (WP No: 33220 of 2023) challenging the actions of Canara Bank (formerly Syndicate Bank) and the Resolution Professional (Ms. CA Kalpana G) related to the classification of the company as fraud and the ongoing Committee of Creditors (COC) meetings. The petitioner contends that the company was declared as fraud without proper notice and due process. The petitioner sought a stay on further COC meetings and proceedings.
Mr. M. Suresh Kumar Reddy, the suspended director of Kranthi Edifice Private Limited, filed a writ petition challenging actions by Canara Bank and the Resolution Professional, Ms. CA Kalpana G. The petitioner claims the company was declared a fraud without proper notice, based on a forensic audit report and observations mentioned in an audit report, leading to classification under Section 447 of the Companies Act. The bank declared the company as fraud in a meeting on 04.02.2020 and reported it to CRILIC on 04.02.2020 and 20.02.2020. The petitioner alleges that the respondents are conducting COC meetings with a malafide intention to sell the company at a throwaway price, depriving the petitioner of the opportunity to revive it. The High Court initially ordered notice
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Respondent Bank declared…
Respondent Bank…
Mr. M. Suresh Kumar Reddy, the suspended director of M/s. Kranthi Edifice Private Limited, filed a writ petition (WP No: 33220 of 2023) challenging the actions of Canara Bank (formerly Syndicate Bank) and the Resolution Professional (Ms. CA Kalpana G) related to the classification of the company as fraud and the ongoing Committee of Creditors (COC) meetings. The petitioner contends that the company was declared as fraud without proper notice and due process. The petitioner sought a stay on further COC meetings and proceedings.
Mr. M. Suresh Kumar Reddy, the suspended director of Kranthi Edifice Private Limited, filed a writ petition challenging actions by Canara Bank and the Resolution Professional, Ms. CA Kalpana G. The petitioner claims the company was declared a fraud without proper notice, based on a forensic audit report and observations mentioned in an audit report, leading to classification under Section 447 of the Companies Act. The bank declared the company as fraud in a meeting on 04.02.2020 and reported it to CRILIC on 04.02.2020 and 20.02.2020. The petitioner alleges that the respondents are conducting COC meetings with a malafide intention to sell the company at a throwaway price, depriving the petitioner of the opportunity to revive it. The High Court initially ordered notice
…Respondent Bank declared…
Respondent Bank…