Mr. S. Viswanathan, former Resolution Professional (RP) of Maylari Agro Products Ltd., filed two appeals challenging the National Company Law Tribunal (NCLT), Bengaluru Bench's order dated 30.11.2021. This order dismissed his application (I.A. No. 349 of 2021) seeking re-confirmation of his appointment as RP and allowed Canara Bank's application (I.A. No. 276 of 2021) for his replacement. The NCLT's decision was based on alleged failure to conduct the Corporate Insolvency Resolution Process (CIRP) in accordance with the Insolvency and Bankruptcy Code (IBC) and its regulations.
The Corporate Debtor, M/s. Maylari Agro Products Ltd., was admitted into the Corporate Insolvency Resolution Process (CIRP) by the Adjudicating Authority on 08.03.2021.
The CIRP was initiated based on an application filed by Shree Ratna Farm Products, the Operational Creditor.
Mr. S. Viswanathan, the Appellant, was appointed as the Interim Resolution Professional (IRP).
The Appellant, as IRP, convened the first meeting of the Committee of Creditors (CoC) on 09.04.2021.
The Financial Creditors in the CoC were Canara Bank (Respondent) with an 84.6% voting share and Karnataka Bank with a 15.4% voting share.
Minutes drafted by the Appellant indicated a unanimous resolution to retain him as RP at a professional fee of Rs. 3 lakh per month, which Canara Bank later disputed.
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Maylari Agro Products Ltd. (Corporate Debtor)…
The Appellant, Mr. S. Viswanathan, as Interim…
Mr. S. Viswanathan, former Resolution Professional (RP) of Maylari Agro Products Ltd., filed two appeals challenging the National Company Law Tribunal (NCLT), Bengaluru Bench's order dated 30.11.2021. This order dismissed his application (I.A. No. 349 of 2021) seeking re-confirmation of his appointment as RP and allowed Canara Bank's application (I.A. No. 276 of 2021) for his replacement. The NCLT's decision was based on alleged failure to conduct the Corporate Insolvency Resolution Process (CIRP) in accordance with the Insolvency and Bankruptcy Code (IBC) and its regulations.
The Corporate Debtor, M/s. Maylari Agro Products Ltd., was admitted into the Corporate Insolvency Resolution Process (CIRP) by the Adjudicating Authority on 08.03.2021.
The CIRP was initiated based on an application filed by Shree Ratna Farm Products, the Operational Creditor.
Mr. S. Viswanathan, the Appellant, was appointed as the Interim Resolution Professional (IRP).
The Appellant, as IRP, convened the first meeting of the Committee of Creditors (CoC) on 09.04.2021.
The Financial Creditors in the CoC were Canara Bank (Respondent) with an 84.6% voting share and Karnataka Bank with a 15.4% voting share.
Minutes drafted by the Appellant indicated a unanimous resolution to retain him as RP at a professional fee of Rs. 3 lakh per month, which Canara Bank later disputed.
…Maylari Agro Products Ltd. (Corporate Debtor)…
The Appellant, Mr. S. Viswanathan, as Interim…