The appeal arises from an order dated 9th February 2022, passed by the Adjudicating Authority (National Company Law Tribunal, Kochi Bench, Kerala) in CP (IB) No. 29/KOB/2021. The appellant, IDBI Bank Limited, filed an application under Section 7 of the I&B Code, 2016, seeking initiation of CIRP against the Corporate Debtor. The Adjudicating Authority admitted the application on 21.12.2021 and appointed Mr. C.J. Davis as the Interim Resolution Professional (IRP). The IRP constituted the CoC, naming IDBI Bank as the major financial creditor with 98.03% voting rights. The CoC proposed and recommended the appointment of Shri CA Mahalingam Suresh Kumar as the Resolution Professional (RP). However, the Adjudicating Authority rejected the application, leading to the
…IDBI Bank Limited, the Appellant and a financial creditor, filed an application under Section 7 of the I&B Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Tip Top Furniture Private Limited, the Corporate Debtor. The Adjudicating Authority admitted the application on 21.12.2021 and appointed Mr. C.J. Davis as the Interim Resolution Professional (IRP). The IRP constituted the Committee of Creditors (CoC), with IDBI Bank holding 98.03% of the voting rights. In the first CoC meeting held on 21.01.2022, the CoC unanimously resolved to appoint Shri CA Mahalingam Suresh Kumar as the Resolution Professional (RP), replacing the IRP. The Adjudicating Authority rejected the CoC's decision, stating that the proposed RP was handling too many
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The Adjudicating Authority admitted the…
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The appeal arises from an order dated 9th February 2022, passed by the Adjudicating Authority (National Company Law Tribunal, Kochi Bench, Kerala) in CP (IB) No. 29/KOB/2021. The appellant, IDBI Bank Limited, filed an application under Section 7 of the I&B Code, 2016, seeking initiation of CIRP against the Corporate Debtor. The Adjudicating Authority admitted the application on 21.12.2021 and appointed Mr. C.J. Davis as the Interim Resolution Professional (IRP). The IRP constituted the CoC, naming IDBI Bank as the major financial creditor with 98.03% voting rights. The CoC proposed and recommended the appointment of Shri CA Mahalingam Suresh Kumar as the Resolution Professional (RP). However, the Adjudicating Authority rejected the application, leading to the
…IDBI Bank Limited, the Appellant and a financial creditor, filed an application under Section 7 of the I&B Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Tip Top Furniture Private Limited, the Corporate Debtor. The Adjudicating Authority admitted the application on 21.12.2021 and appointed Mr. C.J. Davis as the Interim Resolution Professional (IRP). The IRP constituted the Committee of Creditors (CoC), with IDBI Bank holding 98.03% of the voting rights. In the first CoC meeting held on 21.01.2022, the CoC unanimously resolved to appoint Shri CA Mahalingam Suresh Kumar as the Resolution Professional (RP), replacing the IRP. The Adjudicating Authority rejected the CoC's decision, stating that the proposed RP was handling too many
…The Adjudicating Authority admitted the…
The first meeting of the Committee of Creditors…
Sign in to view related legal provisions.