The case involves two writ petitions (CWP Nos. 19562 of 2022 and 8750 of 2023) filed by Sarish Mittal and another, challenging the actions and orders related to the Corporate Insolvency Resolution Process (CIRP) of M/s KSM Yarns Limited. The petitioners, being the suspended directors of KSM Yarns, raised concerns regarding the appointment and conduct of the Resolution Professional (RP), Nipan Bansal, and the decisions made by the National Company Law Tribunal (NCLT) and the Insolvency and Bankruptcy Board of India (IBBI). The CIRP was initiated due to the company's financial distress, with Nipan Bansal appointed as the Interim Resolution Professional/Resolution Professional (IRP/RP) on 20.12.2019. The petitioners alleged malpractices, misrepresentations, and fraud in
…M/s KSM Yarns Limited was undergoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (IBC). Sarish Mittal and another, the suspended directors of KSM Yarns Limited, filed two writ petitions (CWP Nos. 19562 of 2022 and 8750 of 2023) challenging the CIRP proceedings. Nipan Bansal was appointed as the Interim Resolution Professional/Resolution Professional (IRP/RP) on 20.12.2019. The petitioners alleged that Nipan Bansal's appointment as RP was invalid because he did not secure the required 66% of votes in the Committee of Creditors (CoC). They claimed that he only secured 65.89% of votes initially, and a post-facto approval was obtained from Punjab National Bank. The petitioners raised allegations of malafide,
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M/s KSM Yarns…
Nipan Bansal t…
The case involves two writ petitions (CWP Nos. 19562 of 2022 and 8750 of 2023) filed by Sarish Mittal and another, challenging the actions and orders related to the Corporate Insolvency Resolution Process (CIRP) of M/s KSM Yarns Limited. The petitioners, being the suspended directors of KSM Yarns, raised concerns regarding the appointment and conduct of the Resolution Professional (RP), Nipan Bansal, and the decisions made by the National Company Law Tribunal (NCLT) and the Insolvency and Bankruptcy Board of India (IBBI). The CIRP was initiated due to the company's financial distress, with Nipan Bansal appointed as the Interim Resolution Professional/Resolution Professional (IRP/RP) on 20.12.2019. The petitioners alleged malpractices, misrepresentations, and fraud in
…M/s KSM Yarns Limited was undergoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (IBC). Sarish Mittal and another, the suspended directors of KSM Yarns Limited, filed two writ petitions (CWP Nos. 19562 of 2022 and 8750 of 2023) challenging the CIRP proceedings. Nipan Bansal was appointed as the Interim Resolution Professional/Resolution Professional (IRP/RP) on 20.12.2019. The petitioners alleged that Nipan Bansal's appointment as RP was invalid because he did not secure the required 66% of votes in the Committee of Creditors (CoC). They claimed that he only secured 65.89% of votes initially, and a post-facto approval was obtained from Punjab National Bank. The petitioners raised allegations of malafide,
…M/s KSM Yarns…
Nipan Bansal t…