The State Bank of India, as the Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Metenere Ltd. by filing an application under Section 7 of the Insolvency and Bankruptcy Code, 2016. The National Company Law Tribunal (NCLT) raised an objection from the Corporate Debtor regarding the proposed Interim Resolution Professional (IRP), Mr. Shailesh Verma. The NCLT directed the Financial Creditor to substitute Mr. Verma, citing his prior 39-year employment with the State Bank of India and potential bias. The Financial Creditor appealed this decision, arguing that the I&B Code does not disqualify ex-employees of Financial Creditors and that the IRP is not required to be an independent umpire.
The State Bank of India, acting as the Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Metenere Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Financial Creditor proposed Mr. Shailesh Verma as the Interim Resolution Professional (IRP). The Corporate Debtor objected to Mr. Verma's appointment, citing his 39-year employment with the State Bank of India and his current receipt of pension from the bank. The Adjudicating Authority (NCLT) upheld the Corporate Debtor's objection and directed the Financial Creditor to substitute Mr. Verma. The Financial Creditor appealed this decision, arguing that the I&B Code does not disqualify ex-employees of Financial Creditors from serving as IRPs. Mr. Verma retired as
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Filing of CP No. (IB)-639(PB)/2018 before the…
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The State Bank of India, as the Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Metenere Ltd. by filing an application under Section 7 of the Insolvency and Bankruptcy Code, 2016. The National Company Law Tribunal (NCLT) raised an objection from the Corporate Debtor regarding the proposed Interim Resolution Professional (IRP), Mr. Shailesh Verma. The NCLT directed the Financial Creditor to substitute Mr. Verma, citing his prior 39-year employment with the State Bank of India and potential bias. The Financial Creditor appealed this decision, arguing that the I&B Code does not disqualify ex-employees of Financial Creditors and that the IRP is not required to be an independent umpire.
The State Bank of India, acting as the Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Metenere Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Financial Creditor proposed Mr. Shailesh Verma as the Interim Resolution Professional (IRP). The Corporate Debtor objected to Mr. Verma's appointment, citing his 39-year employment with the State Bank of India and his current receipt of pension from the bank. The Adjudicating Authority (NCLT) upheld the Corporate Debtor's objection and directed the Financial Creditor to substitute Mr. Verma. The Financial Creditor appealed this decision, arguing that the I&B Code does not disqualify ex-employees of Financial Creditors from serving as IRPs. Mr. Verma retired as
…Filing of CP No. (IB)-639(PB)/2018 before the…
Order passed by the Adjudicating Authority…