This case involves an appeal against an order dated 01.07.2024 passed by the Adjudicating Authority (National Company Law Tribunal, Chandigarh Bench) in I.A. No. 294/2020 in C.P. (IB) No. 629/Chd/Hp/2019. The I.A. was filed by the Central Bank of India, the respondent, and allowed for the reconstitution of the Committee of Creditors (CoC) by excluding the appellants. The appellants, who are personal guarantors to a loan taken by the Corporate Debtor, M/s. Ram Hari Auto Private Ltd., were initially included in the CoC by the Interim Resolution Professional (IRP), but the Adjudicating Authority excluded them because they had not made any payment to the creditor.
The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Ram Hari Auto Private Ltd. based on an application by an Operational Creditor, with an order dated 14.02.2020. A public announcement was made on 17.02.2020, setting 02.03.2020 as the last date for claim submissions. The Interim Resolution Professional (IRP) formed a CoC consisting only of Unsecured Financial Creditors and held the first CoC meeting on 16.03.2020. The Central Bank of India filed a claim for ₹12,15,30,369 as a Secured Creditor on 09.03.2020. The IRP informed the Central Bank of India on 19.03.2020 about the admission of its claim and eligibility to be a member of the CoC. The second CoC meeting was convened on 28.05.2020, where the Central Bank of India was informed that its
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Corporate Insolvency Resolution Process (CIRP)…
Public announcement was…
This case involves an appeal against an order dated 01.07.2024 passed by the Adjudicating Authority (National Company Law Tribunal, Chandigarh Bench) in I.A. No. 294/2020 in C.P. (IB) No. 629/Chd/Hp/2019. The I.A. was filed by the Central Bank of India, the respondent, and allowed for the reconstitution of the Committee of Creditors (CoC) by excluding the appellants. The appellants, who are personal guarantors to a loan taken by the Corporate Debtor, M/s. Ram Hari Auto Private Ltd., were initially included in the CoC by the Interim Resolution Professional (IRP), but the Adjudicating Authority excluded them because they had not made any payment to the creditor.
The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Ram Hari Auto Private Ltd. based on an application by an Operational Creditor, with an order dated 14.02.2020. A public announcement was made on 17.02.2020, setting 02.03.2020 as the last date for claim submissions. The Interim Resolution Professional (IRP) formed a CoC consisting only of Unsecured Financial Creditors and held the first CoC meeting on 16.03.2020. The Central Bank of India filed a claim for ₹12,15,30,369 as a Secured Creditor on 09.03.2020. The IRP informed the Central Bank of India on 19.03.2020 about the admission of its claim and eligibility to be a member of the CoC. The second CoC meeting was convened on 28.05.2020, where the Central Bank of India was informed that its
…Corporate Insolvency Resolution Process (CIRP)…
Public announcement was…