The appeal challenges the removal of the Resolution Professional (RP) and the appointment of another RP. The Corporate Insolvency Resolution Process (CIRP) was initiated under Section 7 of the Insolvency and Bankruptcy Code (IBC) by financial creditors against the corporate debtor. An Interim Resolution Professional (IRP) was appointed, who then constituted a Committee of Creditors (CoC). The legitimacy of respondents 2 to 6 to remain in the CoC is being questioned in I.A. No. 4742 of 2024, which is pending adjudication by the Adjudicating Authority. Respondents 2 to 6 have constituted themselves to promote the originally appointed RP and another person as the Resolution Professional.
The Corporate Insolvency Resolution Process (CIRP) was initiated under Section 7 of the IBC by financial creditors against the corporate debtor. An Interim Resolution Professional (IRP) was appointed and constituted a Committee of Creditors (CoC). The legitimacy of respondents 2 to 6 to stay in the CoC is being questioned in I.A. No. 4742 of 2024, which is pending adjudication. The CoC removed the originally appointed RP and replaced them with another RP. The appellant challenges this removal, arguing that the CoC's action is unlawful due to the pending I.A. The respondents argue that their claims were initially not considered by the IRP, and the CoC moved the Adjudicating Authority to consider their claims. The RP stated that she considered and provisionally admitted
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I.A. No. 4742 of 2024 is filed, questioning the…
Appeal filed challenging…
The appeal challenges the removal of the Resolution Professional (RP) and the appointment of another RP. The Corporate Insolvency Resolution Process (CIRP) was initiated under Section 7 of the Insolvency and Bankruptcy Code (IBC) by financial creditors against the corporate debtor. An Interim Resolution Professional (IRP) was appointed, who then constituted a Committee of Creditors (CoC). The legitimacy of respondents 2 to 6 to remain in the CoC is being questioned in I.A. No. 4742 of 2024, which is pending adjudication by the Adjudicating Authority. Respondents 2 to 6 have constituted themselves to promote the originally appointed RP and another person as the Resolution Professional.
The Corporate Insolvency Resolution Process (CIRP) was initiated under Section 7 of the IBC by financial creditors against the corporate debtor. An Interim Resolution Professional (IRP) was appointed and constituted a Committee of Creditors (CoC). The legitimacy of respondents 2 to 6 to stay in the CoC is being questioned in I.A. No. 4742 of 2024, which is pending adjudication. The CoC removed the originally appointed RP and replaced them with another RP. The appellant challenges this removal, arguing that the CoC's action is unlawful due to the pending I.A. The respondents argue that their claims were initially not considered by the IRP, and the CoC moved the Adjudicating Authority to consider their claims. The RP stated that she considered and provisionally admitted
…I.A. No. 4742 of 2024 is filed, questioning the…
Appeal filed challenging…