This is an interlocutory application filed under Section 22 of the Insolvency and Bankruptcy Code, 2016, by the Committee of Creditors (CoC) in CP(IB)No.1129/KB/2019. The CoC sought to replace the Interim Resolution Professional (IRP) Mr. Bijay Murmuria with Mr. Santanu Brahma as the Resolution Professional for the Corporate Debtor, Aanchal Ispat Limited. The application was filed due to a delay caused by the countrywide lockdown and because the IRP's claimed fee was significantly higher than the proposed Resolution Professional's fee.
Shyam Metalics and Energy Limited is the Operational Creditor. Aanchal Ispat Limited is the Corporate Debtor. The Committee of Creditors (CoC) of Aanchal Ispat Limited, represented by Karur Vysya Bank Limited, filed an application to replace the Interim Resolution Professional (IRP) Mr. Bijay Murmuria with Mr. Santanu Brahma. The application was filed in CP(IB)No.1129/KB/2019 under Section 22 of the Insolvency and Bankruptcy Code, 2016. The reason for the replacement was the high fee claimed by the IRP, Mr. Bijay Murmuria, which was more than 3.5 times the fee of the proposed Resolution Professional. The CoC had a 100% voting share and provided written consent for the replacement. The IRP's counsel raised the issue of unpaid fees and costs. The CoC agreed to pay the
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This is an interlocutory application filed under Section 22 of the Insolvency and Bankruptcy Code, 2016, by the Committee of Creditors (CoC) in CP(IB)No.1129/KB/2019. The CoC sought to replace the Interim Resolution Professional (IRP) Mr. Bijay Murmuria with Mr. Santanu Brahma as the Resolution Professional for the Corporate Debtor, Aanchal Ispat Limited. The application was filed due to a delay caused by the countrywide lockdown and because the IRP's claimed fee was significantly higher than the proposed Resolution Professional's fee.
Shyam Metalics and Energy Limited is the Operational Creditor. Aanchal Ispat Limited is the Corporate Debtor. The Committee of Creditors (CoC) of Aanchal Ispat Limited, represented by Karur Vysya Bank Limited, filed an application to replace the Interim Resolution Professional (IRP) Mr. Bijay Murmuria with Mr. Santanu Brahma. The application was filed in CP(IB)No.1129/KB/2019 under Section 22 of the Insolvency and Bankruptcy Code, 2016. The reason for the replacement was the high fee claimed by the IRP, Mr. Bijay Murmuria, which was more than 3.5 times the fee of the proposed Resolution Professional. The CoC had a 100% voting share and provided written consent for the replacement. The IRP's counsel raised the issue of unpaid fees and costs. The CoC agreed to pay the
…The original Corporate…
The hearing f…