The appeal challenges the order dated September 27, 2023, by the National Company Law Tribunal (NCLT), Jaipur Bench, which allowed an application under Section 27 of the Insolvency and Bankruptcy Code, 2016, to replace the Appellant (Resolution Professional) with another Resolution Professional, Mr. Ankit Goel. The Corporate Insolvency Resolution Process (CIRP) commenced against Modern Syntex India Limited on February 28, 2022. The Appellant was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional. The Committee of Creditors (CoC) includes Specified Undertaking of Unit Trust of India Ltd. (SUUTI), holding a 74.64% vote share. SUUTI requested the Resolution Professional to reduce his fee and CIRP costs on July 19,
…On February 28, 2022, CIRP commenced against Modern Syntex India Limited, and the Appellant was appointed as the IRP and later confirmed as the Resolution Professional. The CoC included SUUTI with a 74.64% vote share. On July 19, 2023, SUUTI requested the Appellant to reduce his fee and CIRP costs, which the Appellant declined. A CoC meeting was requested to replace the Resolution Professional. A Joint Lenders Meeting selected Mr. Ankit Goel as the new RP, quoting a lower fee. The Adjudicating Authority approved the replacement on September 27, 2023. The Appellant alleged that he wrote to SUUTI to take legal action for stripping off the assets of the Corporate Debtor in June 2018, but SUUTI did not accede to the request. The Appellant also claimed that the Adjudicating
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CIRP commenced…
SUUTI requested the…
The appeal challenges the order dated September 27, 2023, by the National Company Law Tribunal (NCLT), Jaipur Bench, which allowed an application under Section 27 of the Insolvency and Bankruptcy Code, 2016, to replace the Appellant (Resolution Professional) with another Resolution Professional, Mr. Ankit Goel. The Corporate Insolvency Resolution Process (CIRP) commenced against Modern Syntex India Limited on February 28, 2022. The Appellant was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional. The Committee of Creditors (CoC) includes Specified Undertaking of Unit Trust of India Ltd. (SUUTI), holding a 74.64% vote share. SUUTI requested the Resolution Professional to reduce his fee and CIRP costs on July 19,
…On February 28, 2022, CIRP commenced against Modern Syntex India Limited, and the Appellant was appointed as the IRP and later confirmed as the Resolution Professional. The CoC included SUUTI with a 74.64% vote share. On July 19, 2023, SUUTI requested the Appellant to reduce his fee and CIRP costs, which the Appellant declined. A CoC meeting was requested to replace the Resolution Professional. A Joint Lenders Meeting selected Mr. Ankit Goel as the new RP, quoting a lower fee. The Adjudicating Authority approved the replacement on September 27, 2023. The Appellant alleged that he wrote to SUUTI to take legal action for stripping off the assets of the Corporate Debtor in June 2018, but SUUTI did not accede to the request. The Appellant also claimed that the Adjudicating
…CIRP commenced…
SUUTI requested the…