The case involves a dispute regarding the representation of operational creditors in the Committee of Creditors (COC) during the insolvency resolution process of Ang Industries Ltd. Shah Brothers Ispat Pvt. Ltd., an operational creditor, filed CA 46/2018, raising grievances that their prayer for representation was not responded to by the Resolution Professional (RP). The RP objected to individual separate representatives for operational creditors, suggesting a single representative for combined operational creditors. The applicant had earlier initiated winding up proceedings before the Hon'ble High Court of Delhi.
Shah Brothers Ispat Pvt. Ltd., an operational creditor, filed CA 46/2018 due to grievances regarding representation in the COC. Their operational debt is over Rs. 26,44,17,155, inclusive of interest. Larsen & Toubro, another operational creditor (Respondent no. 4), has a liability of Rs. 15.5 crores. The Resolution Professional (RP) objected to separate representatives for each operational creditor, suggesting a single representative. The operational creditors' combined debt is more than 10% of the total debt. The Corporate Debtor, Ang Industries Ltd., is a listed public company with 72% public holding and initiated proceedings under Section 10 of the IBC. The applicant had earlier initiated winding up proceedings before the Hon'ble High Court of Delhi. The RP has
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The case involves a dispute regarding the representation of operational creditors in the Committee of Creditors (COC) during the insolvency resolution process of Ang Industries Ltd. Shah Brothers Ispat Pvt. Ltd., an operational creditor, filed CA 46/2018, raising grievances that their prayer for representation was not responded to by the Resolution Professional (RP). The RP objected to individual separate representatives for operational creditors, suggesting a single representative for combined operational creditors. The applicant had earlier initiated winding up proceedings before the Hon'ble High Court of Delhi.
Shah Brothers Ispat Pvt. Ltd., an operational creditor, filed CA 46/2018 due to grievances regarding representation in the COC. Their operational debt is over Rs. 26,44,17,155, inclusive of interest. Larsen & Toubro, another operational creditor (Respondent no. 4), has a liability of Rs. 15.5 crores. The Resolution Professional (RP) objected to separate representatives for each operational creditor, suggesting a single representative. The operational creditors' combined debt is more than 10% of the total debt. The Corporate Debtor, Ang Industries Ltd., is a listed public company with 72% public holding and initiated proceedings under Section 10 of the IBC. The applicant had earlier initiated winding up proceedings before the Hon'ble High Court of Delhi. The RP has
…Hearing before the New…
CA 46/2018 filed by…
Sign in to view related legal provisions.