The appeals challenge the Adjudicating Authority's decision to appoint a liquidator different from the one chosen by the Committee of Creditors (CoC). The CoC had appointed AAA Insolvency Professionals LLP and Stress Credit Resolution Pvt Ltd (SCRIL) as liquidators, but the Adjudicating Authority appointed the second respondent in each case as liquidator, overlooking the CoC's choice.
The appellant in both cases is the same and has 100% voting share in one case and about 98% voting share in the other case.
The CIRP failed, and the CoC resolved that the corporate debtor must go to liquidation.
Earlier, during the CIRP, the CoC had appointed two separate RPs in both cases.
When liquidation was ordered, the CoC named AAA Insolvency Professionals LLP and Stress Credit Resolution Pvt Ltd (SCRIL) as the liquidators.
The Adjudicating Authority appointed the second respondent in each case as a liquidator, who was neither the RP appointed during the CIRP nor the candidate of the CoC's choice.
The IBBI issued a circular on 18.07.2023 instructing that the RP and the liquidator cannot be the same person or entity.
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The appeals challenge the Adjudicating Authority's decision to appoint a liquidator different from the one chosen by the Committee of Creditors (CoC). The CoC had appointed AAA Insolvency Professionals LLP and Stress Credit Resolution Pvt Ltd (SCRIL) as liquidators, but the Adjudicating Authority appointed the second respondent in each case as liquidator, overlooking the CoC's choice.
The appellant in both cases is the same and has 100% voting share in one case and about 98% voting share in the other case.
The CIRP failed, and the CoC resolved that the corporate debtor must go to liquidation.
Earlier, during the CIRP, the CoC had appointed two separate RPs in both cases.
When liquidation was ordered, the CoC named AAA Insolvency Professionals LLP and Stress Credit Resolution Pvt Ltd (SCRIL) as the liquidators.
The Adjudicating Authority appointed the second respondent in each case as a liquidator, who was neither the RP appointed during the CIRP nor the candidate of the CoC's choice.
The IBBI issued a circular on 18.07.2023 instructing that the RP and the liquidator cannot be the same person or entity.
…Date of the order…
Date of the order passed by the Adjudicating…