The appeal is against the order dated 17.04.2024 passed by the Adjudicating Authority (National Company Law Tribunal, Ahmedabad Court-2) in IA/514(AHM)2024 in C.P.(IB)/119(AHM)2023, which rejected the application filed by the State Bank of India for replacement of the Resolution Professional and imposed a cost of Rs. 1 lakh. The Adjudicating Authority had previously appointed a Resolution Professional by order dated 11.03.2023, following an application under Section 95. The State Bank of India then filed an application on 19.03.2023, seeking the replacement of the Resolution Professional, citing that another Resolution Professional was already handling the personal guarantees insolvency of the group companies.
The State Bank of India filed an application for the replacement of the Resolution Professional. The Adjudicating Authority rejected the application and imposed a cost of Rs. 1 lakh. The Adjudicating Authority had appointed the Resolution Professional on 11.03.2023. The State Bank of India filed an application on 19.03.2023 for replacement of the Resolution Professional. The reason for seeking replacement was that another Resolution Professional was already looking after the personal guarantees insolvency of the group companies. The Adjudicating Authority recorded that the State Bank of India had not complied with the order and had not handed over the documents to the Resolution Professional. The State Bank of India argued that the application for replacement was filed
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The appeal is against the order dated 17.04.2024 passed by the Adjudicating Authority (National Company Law Tribunal, Ahmedabad Court-2) in IA/514(AHM)2024 in C.P.(IB)/119(AHM)2023, which rejected the application filed by the State Bank of India for replacement of the Resolution Professional and imposed a cost of Rs. 1 lakh. The Adjudicating Authority had previously appointed a Resolution Professional by order dated 11.03.2023, following an application under Section 95. The State Bank of India then filed an application on 19.03.2023, seeking the replacement of the Resolution Professional, citing that another Resolution Professional was already handling the personal guarantees insolvency of the group companies.
The State Bank of India filed an application for the replacement of the Resolution Professional. The Adjudicating Authority rejected the application and imposed a cost of Rs. 1 lakh. The Adjudicating Authority had appointed the Resolution Professional on 11.03.2023. The State Bank of India filed an application on 19.03.2023 for replacement of the Resolution Professional. The reason for seeking replacement was that another Resolution Professional was already looking after the personal guarantees insolvency of the group companies. The Adjudicating Authority recorded that the State Bank of India had not complied with the order and had not handed over the documents to the Resolution Professional. The State Bank of India argued that the application for replacement was filed
…The Adjudicating Authority appointed the…
The State Bank of India filed an application on…