The appeal arises from an order dated 28.07.2020 passed by the National Company Law Tribunal (NCLT), Ahmedabad Bench, in I.A. No. 90 of 2020 in I.A. No. 691 of 2019 in C.P. (I.B.) No. 397/NCLT/AHM/2018. The NCLT appointed a new Interim Resolution Professional (IRP), replacing the Appellant. The initial application under Section 7 of the Insolvency & Bankruptcy Code, 2016, was filed by M/s. Abhinandan Multitrade Pvt. Ltd. and was admitted on 06.09.2019, leading to the appointment of the Appellant as IRP. The Committee of Creditors (CoC) was constituted, but concerns arose regarding the eligibility and classification of creditors, particularly non-financial institutions. A stalemate developed in the appointment of IRP/RP due to a conflict between secured and
…M/s. Abhinandan Multitrade Pvt. Ltd. initiated corporate insolvency resolution process (CIRP) against M/s. KSL & Industries Limited by filing an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The application was admitted on 06.09.2019, and Anil Kumar was appointed as the Interim Resolution Professional (IRP). After the IRP took charge, the Committee of Creditors (CoC) was constituted. The IRP provided a list of financial creditors, revealing that out of 37 creditors, only 7 were financial institutions, and 30 were non-financial institutions and corporate debtors. The voting shares of financial institutions in the CoC were 36.53%, while non-financial institutions/corporates held 63.47%. Allahabad Bank, a creditor, raised concerns
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The C.P. (I.B.) No. 397 of 2018 was filed under…
The application was admitted, and the…
The appeal arises from an order dated 28.07.2020 passed by the National Company Law Tribunal (NCLT), Ahmedabad Bench, in I.A. No. 90 of 2020 in I.A. No. 691 of 2019 in C.P. (I.B.) No. 397/NCLT/AHM/2018. The NCLT appointed a new Interim Resolution Professional (IRP), replacing the Appellant. The initial application under Section 7 of the Insolvency & Bankruptcy Code, 2016, was filed by M/s. Abhinandan Multitrade Pvt. Ltd. and was admitted on 06.09.2019, leading to the appointment of the Appellant as IRP. The Committee of Creditors (CoC) was constituted, but concerns arose regarding the eligibility and classification of creditors, particularly non-financial institutions. A stalemate developed in the appointment of IRP/RP due to a conflict between secured and
…M/s. Abhinandan Multitrade Pvt. Ltd. initiated corporate insolvency resolution process (CIRP) against M/s. KSL & Industries Limited by filing an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The application was admitted on 06.09.2019, and Anil Kumar was appointed as the Interim Resolution Professional (IRP). After the IRP took charge, the Committee of Creditors (CoC) was constituted. The IRP provided a list of financial creditors, revealing that out of 37 creditors, only 7 were financial institutions, and 30 were non-financial institutions and corporate debtors. The voting shares of financial institutions in the CoC were 36.53%, while non-financial institutions/corporates held 63.47%. Allahabad Bank, a creditor, raised concerns
…The C.P. (I.B.) No. 397 of 2018 was filed under…
The application was admitted, and the…