The case involves an appeal against an order dated 26.08.2022 passed by the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench-I, Kolkata, which rejected I.A. No. 656/KB/2022 filed by the Appellant. The Appellant, a Financial Creditor holding 33.07% voting share in the Committee of Creditors (CoC), filed the application seeking directions to the Resolution Professional to disclose item-wise insolvency resolution process costs and to follow steps under Section 18 and Section 20(2)(a) of the IBC, including a Forensic Audit Report, before proposing liquidation of the Corporate Debtor. The CoC had passed a resolution for liquidation on 28.06.2022 with a majority of 66.93% vote share.
The Corporate Insolvency Resolution Process (CIRP) commenced on 2019-12-19. The Committee of Creditors (CoC) passed a resolution for liquidation on 2022-06-28 with a 66.93% majority vote. The Appellant, Bharat Hotels Ltd., holding a 33.07% voting share as a Financial Creditor, filed I.A. 656 of 2022, seeking disclosure of item-wise insolvency resolution process costs and compliance with Section 18 and Section 20(2)(a) of the IBC, including a Forensic Audit Report, before liquidation. The Adjudicating Authority rejected the application, leading to the appeal. The appellant claimed no audit or valuation report was obtained before the liquidation decision. The Adjudicating Authority rejected the application under Section 18 and Regulation 34A. The appellant is a minority
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The case involves an appeal against an order dated 26.08.2022 passed by the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench-I, Kolkata, which rejected I.A. No. 656/KB/2022 filed by the Appellant. The Appellant, a Financial Creditor holding 33.07% voting share in the Committee of Creditors (CoC), filed the application seeking directions to the Resolution Professional to disclose item-wise insolvency resolution process costs and to follow steps under Section 18 and Section 20(2)(a) of the IBC, including a Forensic Audit Report, before proposing liquidation of the Corporate Debtor. The CoC had passed a resolution for liquidation on 28.06.2022 with a majority of 66.93% vote share.
The Corporate Insolvency Resolution Process (CIRP) commenced on 2019-12-19. The Committee of Creditors (CoC) passed a resolution for liquidation on 2022-06-28 with a 66.93% majority vote. The Appellant, Bharat Hotels Ltd., holding a 33.07% voting share as a Financial Creditor, filed I.A. 656 of 2022, seeking disclosure of item-wise insolvency resolution process costs and compliance with Section 18 and Section 20(2)(a) of the IBC, including a Forensic Audit Report, before liquidation. The Adjudicating Authority rejected the application, leading to the appeal. The appellant claimed no audit or valuation report was obtained before the liquidation decision. The Adjudicating Authority rejected the application under Section 18 and Regulation 34A. The appellant is a minority
…The Corporate…
The Committee of Creditors (CoC) passed a…
Sign in to view related legal provisions.