The case involves two Company Appeals (AT) (CH) (INS.) No. 331 & 332 of 2022 filed against the 'impugned order' dated 22.08.2022 in IA(IBC) Nos. 53 & 54 of 2022 in CP(IB) No. 204/7/AMR/2019, passed by the `Adjudicating Authority', (`National Company Law Tribunal', Amaravati Bench, Mangalagiri). The appeals challenge the Adjudicating Authority's decision regarding the resignation of directors (Bafna) and their status as related parties in the Committee of Creditors (CoC). The core issue revolves around whether the resignation of 'Bafna' came into effect, excluding them from the related party category and CoC membership.
P.P. Bafna Ventures Private Limited (Appellant) filed applications against KVR Industries Private Limited (Corporate Debtor) under the Insolvency and Bankruptcy Code (IBC). The Adjudicating Authority ruled that Mr. Praful Prakash Bafna and Mr. Yogesh Prakash Bafna, nominee directors of P.P. Bafna Ventures, were related parties and could not be part of the Committee of Creditors (CoC). This decision was based on the finding that their resignation letters were not properly served to KVR Industries. The resignation letters were sent via courier on 11.02.2022, but delivery failed due to a locked door. The courier receipt showed an incorrect pin code (430016 instead of 532127). The order admitting the Corporate Debtor into CIRP is on 18.02.2022. The appellant argues that
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The case involves two Company Appeals (AT) (CH) (INS.) No. 331 & 332 of 2022 filed against the 'impugned order' dated 22.08.2022 in IA(IBC) Nos. 53 & 54 of 2022 in CP(IB) No. 204/7/AMR/2019, passed by the `Adjudicating Authority', (`National Company Law Tribunal', Amaravati Bench, Mangalagiri). The appeals challenge the Adjudicating Authority's decision regarding the resignation of directors (Bafna) and their status as related parties in the Committee of Creditors (CoC). The core issue revolves around whether the resignation of 'Bafna' came into effect, excluding them from the related party category and CoC membership.
P.P. Bafna Ventures Private Limited (Appellant) filed applications against KVR Industries Private Limited (Corporate Debtor) under the Insolvency and Bankruptcy Code (IBC). The Adjudicating Authority ruled that Mr. Praful Prakash Bafna and Mr. Yogesh Prakash Bafna, nominee directors of P.P. Bafna Ventures, were related parties and could not be part of the Committee of Creditors (CoC). This decision was based on the finding that their resignation letters were not properly served to KVR Industries. The resignation letters were sent via courier on 11.02.2022, but delivery failed due to a locked door. The courier receipt showed an incorrect pin code (430016 instead of 532127). The order admitting the Corporate Debtor into CIRP is on 18.02.2022. The appellant argues that
…Application filed for…
Appellant and Corporate Debtor entered into…