The appeal challenges an order by the Adjudicating Authority (NCLT, Chandigarh Bench) that allowed the Financial Creditor's application to replace the Resolution Professional (Appellant) and appointed a new Resolution Professional, Mr. Rajiv Khurana. The Appellant contends that the replacement order was passed without providing an opportunity for hearing, violating principles of natural justice.
The Appellant, Sumat Kumar Gupta, an Insolvency Professional and formerly the Resolution Professional for M/S Vallabh Textiles Company Ltd., filed an appeal against an order dated July 11, 2022. This order was issued by the Adjudicating Authority (National Company Law Tribunal), Chandigarh Bench, in I.A. No. 682 of 2022 in CP(IB) No. 391/Chd/Pb/2018. The impugned order allowed an application by the Punjab National Bank, the Financial Creditor, for the replacement of the Resolution Professional.
…The Committee of Creditors (CoC), in its…
The Adjudicating Authority (National…
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The appeal challenges an order by the Adjudicating Authority (NCLT, Chandigarh Bench) that allowed the Financial Creditor's application to replace the Resolution Professional (Appellant) and appointed a new Resolution Professional, Mr. Rajiv Khurana. The Appellant contends that the replacement order was passed without providing an opportunity for hearing, violating principles of natural justice.
The Appellant, Sumat Kumar Gupta, an Insolvency Professional and formerly the Resolution Professional for M/S Vallabh Textiles Company Ltd., filed an appeal against an order dated July 11, 2022. This order was issued by the Adjudicating Authority (National Company Law Tribunal), Chandigarh Bench, in I.A. No. 682 of 2022 in CP(IB) No. 391/Chd/Pb/2018. The impugned order allowed an application by the Punjab National Bank, the Financial Creditor, for the replacement of the Resolution Professional.
…The Committee of Creditors (CoC), in its…
The Adjudicating Authority (National…
Sign in to view related legal provisions.