The Resolution Professional (RP) filed an application seeking directions in response to objections raised by the Insolvency and Bankruptcy Board of India (IBBI) regarding the Expression of Interest (EOI) published for the resolution process. The IBBI raised objections concerning discrepancies in the advertisement, including a typographical error in the date of submission for the Resolution Plan, and the format of the EOI. The RP resisted these objections, arguing that a corrigendum would suffice to address the typographical error and that the IBBI's objections would lead to unnecessary expenditure.
The Resolution Professional (RP) published an Expression of Interest (EOI) for the resolution process of Carnation Auto India Ltd. The Insolvency and Bankruptcy Board of India (IBBI) raised objections to the EOI, citing discrepancies, including a typographical error in the date of submission for the Resolution Plan, and the format of the EOI. The RP resisted the objections, arguing that a corrigendum would suffice and that a fresh publication would lead to unnecessary expenditure. The Financial Creditor, with a claim quantified at 82%, supported the RP's position, stating that the EOI was issued as per normal procedure and that there is no specific format under the IBBI guidelines. The IBBI's objections were duly replied to by the RP vide his letter dated 01.01.2018.
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The Resolution Professional (RP) filed an application seeking directions in response to objections raised by the Insolvency and Bankruptcy Board of India (IBBI) regarding the Expression of Interest (EOI) published for the resolution process. The IBBI raised objections concerning discrepancies in the advertisement, including a typographical error in the date of submission for the Resolution Plan, and the format of the EOI. The RP resisted these objections, arguing that a corrigendum would suffice to address the typographical error and that the IBBI's objections would lead to unnecessary expenditure.
The Resolution Professional (RP) published an Expression of Interest (EOI) for the resolution process of Carnation Auto India Ltd. The Insolvency and Bankruptcy Board of India (IBBI) raised objections to the EOI, citing discrepancies, including a typographical error in the date of submission for the Resolution Plan, and the format of the EOI. The RP resisted the objections, arguing that a corrigendum would suffice and that a fresh publication would lead to unnecessary expenditure. The Financial Creditor, with a claim quantified at 82%, supported the RP's position, stating that the EOI was issued as per normal procedure and that there is no specific format under the IBBI guidelines. The IBBI's objections were duly replied to by the RP vide his letter dated 01.01.2018.
…The RP received correspondence stating that the…
The RP replied to the…
Sign in to view related legal provisions.