This case involves a contempt petition filed by Binani Industries Limited against Mr. Vijay Kumar V. Iyer & Anr. The applicant, Binani Industries Limited, alleged that the 1st Contemnor- ‘Resolution Professional' failed to serve a seven-day advance notice along with relevant documents to the Board of Directors before a meeting. The notice was issued only one day prior to the meeting on March 13, 2018. The applicant contended that the relevant documents, including the ‘Resolution Plan', were not made available, preventing the (Suspended) Board of Directors from pointing out a better ‘Resolution Plan' submitted by other 'Resolution Applicants'. This better plan should have been accepted instead of the plan approved by the ‘Committee of Creditors' on March 14, 2018.
Binani Industries Limited filed a contempt petition against Mr. Vijay Kumar V. Iyer & Anr. The core issue revolves around the alleged failure of the Resolution Professional to provide a seven-day advance notice and relevant documents to the Board of Directors before a meeting of the Committee of Creditors. The notice was issued only one day before the meeting, held on March 13, 2018. Binani Industries Limited argued that the lack of proper notice and document availability prevented the (Suspended) Board of Directors from presenting a better Resolution Plan submitted by other Resolution Applicants. The Committee of Creditors approved a different resolution plan on March 14, 2018. The court found that the (Suspended) Board of Directors was not competent to represent
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This case involves a contempt petition filed by Binani Industries Limited against Mr. Vijay Kumar V. Iyer & Anr. The applicant, Binani Industries Limited, alleged that the 1st Contemnor- ‘Resolution Professional' failed to serve a seven-day advance notice along with relevant documents to the Board of Directors before a meeting. The notice was issued only one day prior to the meeting on March 13, 2018. The applicant contended that the relevant documents, including the ‘Resolution Plan', were not made available, preventing the (Suspended) Board of Directors from pointing out a better ‘Resolution Plan' submitted by other 'Resolution Applicants'. This better plan should have been accepted instead of the plan approved by the ‘Committee of Creditors' on March 14, 2018.
Binani Industries Limited filed a contempt petition against Mr. Vijay Kumar V. Iyer & Anr. The core issue revolves around the alleged failure of the Resolution Professional to provide a seven-day advance notice and relevant documents to the Board of Directors before a meeting of the Committee of Creditors. The notice was issued only one day before the meeting, held on March 13, 2018. Binani Industries Limited argued that the lack of proper notice and document availability prevented the (Suspended) Board of Directors from presenting a better Resolution Plan submitted by other Resolution Applicants. The Committee of Creditors approved a different resolution plan on March 14, 2018. The court found that the (Suspended) Board of Directors was not competent to represent
…Notice issued to the…
Meeting of the…