The appeal was filed against an order dated 28.11.2022 passed by the National Company Law Tribunal (NCLT), Mumbai Bench, in I.A. No.2621/2021 in CP(IB) No.494/MB/2019. The NCLT order directed the removal of the appellant, Srigopal Choudary, who was the Resolution Professional (RP) of Shree Ram Urban Infrastructure Ltd, and directed him to hand over all records/documents to the newly appointed RP, Mr. Sapan Mohan Garg. The appellant challenged this order, arguing that the NCLT lacked jurisdiction to remove him as RP and that the order was contrary to the provisions of the IBC. Several Interlocutory Applications (IAs) were filed by different parties seeking the removal of the RP, but the appellant only appealed against the IA filed by SREI Equipment Finance Ltd, failing
…On 06.11.2019, an application under Section 7 of the IBC was admitted against Shree Ram Urban Infrastructure Ltd, and Srigopal Choudary was appointed as IRP. The first CoC meeting was held on 19.04.2021, approximately one year and six months after the initiation of CIRP. The second CoC meeting was held almost two months later to raise interim finance of Rs.32 crores. The appellant, as RP, filed an IA seeking to execute a conveyance of deed on behalf of the CD without consulting the CoC. The appellant received Rs.17 lakhs between 06.11.2019 and 05.04.2021. SREI Equipment Finance Ltd requested the appellant to fix a date for a CoC meeting to replace the RP, but the appellant did not respond. IIRF India Reality XII Ltd also filed an IA for the removal of the RP due to
…Sign in to view the parties.
Application under Section 7 of the IBC…
First Committee of Creditors (CoC) Meeting held…
The appeal was filed against an order dated 28.11.2022 passed by the National Company Law Tribunal (NCLT), Mumbai Bench, in I.A. No.2621/2021 in CP(IB) No.494/MB/2019. The NCLT order directed the removal of the appellant, Srigopal Choudary, who was the Resolution Professional (RP) of Shree Ram Urban Infrastructure Ltd, and directed him to hand over all records/documents to the newly appointed RP, Mr. Sapan Mohan Garg. The appellant challenged this order, arguing that the NCLT lacked jurisdiction to remove him as RP and that the order was contrary to the provisions of the IBC. Several Interlocutory Applications (IAs) were filed by different parties seeking the removal of the RP, but the appellant only appealed against the IA filed by SREI Equipment Finance Ltd, failing
…On 06.11.2019, an application under Section 7 of the IBC was admitted against Shree Ram Urban Infrastructure Ltd, and Srigopal Choudary was appointed as IRP. The first CoC meeting was held on 19.04.2021, approximately one year and six months after the initiation of CIRP. The second CoC meeting was held almost two months later to raise interim finance of Rs.32 crores. The appellant, as RP, filed an IA seeking to execute a conveyance of deed on behalf of the CD without consulting the CoC. The appellant received Rs.17 lakhs between 06.11.2019 and 05.04.2021. SREI Equipment Finance Ltd requested the appellant to fix a date for a CoC meeting to replace the RP, but the appellant did not respond. IIRF India Reality XII Ltd also filed an IA for the removal of the RP due to
…Application under Section 7 of the IBC…
First Committee of Creditors (CoC) Meeting held…