The case involves a challenge to the Adjudicating Authority's order which set aside the decision of the Committee of Creditors (CoC) to accept the Expression of Interest (EOI) of Dwarkadhish Sakhar Karkhana Ltd. (DSKL) after the due date. The Corporate Insolvency Resolution Process (CIRP) was initiated against KGS Sugar and Infra Corporation Ltd. Canara Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). Mr. Balady S. Shetty was appointed as the Interim Resolution Professional (IRP) and later as Resolution Professional (RP). The last date for submission of EOI was 10.02.2020. DSKL submitted its EOI after the deadline, which was initially rejected. Subsequently, the RP was replaced by Mr. Pankaj Joshi, who then facilitated the
…On 10.10.2019, CIRP was initiated against KGS Sugar and Infra Corporation Ltd. based on an application by Canara Bank under Section 7 of IBC. Mr. Balady S. Shetty was appointed as IRP and later as RP. The last date for submission of EOI was 10.02.2020, and for submission of Resolution Plan, it was 05.04.2020. DSKL submitted its EOI on 12.03.2020, which was after the due date. Mr. Shetty informed DSKL that its EOI could not be considered. On 23.03.2020, DSKL emailed CoC members to allow them to submit EOI. On 02.04.2020, DSKL emailed Mr. Shetty requesting information for submitting the Resolution Plan. On 03.04.2020, Mr. Shetty placed the request of DSKL before the CoC, which rejected it. On 27.05.2020, Mr. Pankaj Joshi replaced Mr. Shetty as RP. On 05.06.2020, DSKL's
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CIRP initiated against KGS Sugar and Infra…
RP Mr. Shetty published…
The case involves a challenge to the Adjudicating Authority's order which set aside the decision of the Committee of Creditors (CoC) to accept the Expression of Interest (EOI) of Dwarkadhish Sakhar Karkhana Ltd. (DSKL) after the due date. The Corporate Insolvency Resolution Process (CIRP) was initiated against KGS Sugar and Infra Corporation Ltd. Canara Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). Mr. Balady S. Shetty was appointed as the Interim Resolution Professional (IRP) and later as Resolution Professional (RP). The last date for submission of EOI was 10.02.2020. DSKL submitted its EOI after the deadline, which was initially rejected. Subsequently, the RP was replaced by Mr. Pankaj Joshi, who then facilitated the
…On 10.10.2019, CIRP was initiated against KGS Sugar and Infra Corporation Ltd. based on an application by Canara Bank under Section 7 of IBC. Mr. Balady S. Shetty was appointed as IRP and later as RP. The last date for submission of EOI was 10.02.2020, and for submission of Resolution Plan, it was 05.04.2020. DSKL submitted its EOI on 12.03.2020, which was after the due date. Mr. Shetty informed DSKL that its EOI could not be considered. On 23.03.2020, DSKL emailed CoC members to allow them to submit EOI. On 02.04.2020, DSKL emailed Mr. Shetty requesting information for submitting the Resolution Plan. On 03.04.2020, Mr. Shetty placed the request of DSKL before the CoC, which rejected it. On 27.05.2020, Mr. Pankaj Joshi replaced Mr. Shetty as RP. On 05.06.2020, DSKL's
…CIRP initiated against KGS Sugar and Infra…
RP Mr. Shetty published…