The case involves an appeal against an order dated 08.07.2022 passed by the Adjudicating Authority (National Company Law Tribunal, Hyderabad Bench – I, Hyderabad) in IA No. 71 of 2022 in CP(IB) No. 651 / 7 / HDB / 2018. The appellant, the Resolution Professional, challenges the impugned order which placed the Corporate Debtor under liquidation and replaced the appellant as the liquidator, appointing another individual in contravention of the provisions of Section 34 (1) and Section 27 (2) of the Insolvency and Bankruptcy Code (IBC), 2016.
1. Dr. K.V. Srinivas, the Resolution Professional, was appointed for Sainath Estates Private Limited ('Corporate Debtor').
2. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor.
3. The Committee of Creditors (CoC) was constituted.
4. The Appellant was confirmed as the Resolution Professional (RP) as per Section 22 (2) of the I&B Code, 2016.
5. A Resolution Plan was presented before the CoC, where the Promoter of the Corporate Debtor was the Resolution Applicant.
6. On 19.09.2020, the CoC approved the Resolution seeking the appointment of the Appellant as the Liquidator.
7. The Adjudicating Authority directed the RP to convene a fresh CoC meeting and obtain voting on the Resolution Plan.
8. On 07.01.2021, the CoC approved the
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The case involves an appeal against an order dated 08.07.2022 passed by the Adjudicating Authority (National Company Law Tribunal, Hyderabad Bench – I, Hyderabad) in IA No. 71 of 2022 in CP(IB) No. 651 / 7 / HDB / 2018. The appellant, the Resolution Professional, challenges the impugned order which placed the Corporate Debtor under liquidation and replaced the appellant as the liquidator, appointing another individual in contravention of the provisions of Section 34 (1) and Section 27 (2) of the Insolvency and Bankruptcy Code (IBC), 2016.
1. Dr. K.V. Srinivas, the Resolution Professional, was appointed for Sainath Estates Private Limited ('Corporate Debtor').
2. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor.
3. The Committee of Creditors (CoC) was constituted.
4. The Appellant was confirmed as the Resolution Professional (RP) as per Section 22 (2) of the I&B Code, 2016.
5. A Resolution Plan was presented before the CoC, where the Promoter of the Corporate Debtor was the Resolution Applicant.
6. On 19.09.2020, the CoC approved the Resolution seeking the appointment of the Appellant as the Liquidator.
7. The Adjudicating Authority directed the RP to convene a fresh CoC meeting and obtain voting on the Resolution Plan.
8. On 07.01.2021, the CoC approved the
The first meeting of the Committee of…
The Committee of Creditors approved the…