The case involves multiple CAs (259/2019, 261/2019, and 650/2019) filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, within the Corporate Insolvency Resolution Process (CIRP) of GPI Textiles Ltd. initiated via CP (IB) No. 35/Chd/HP/2018 filed by Phoenix Arc Pvt. Ltd. These CAs challenge the rejection of claims by the Resolution Professional. TDB Spinners Pvt. Ltd. (CA 259/2019), M/s M.K. Cotex (CA 261/2019), and M/s Tanmay Pure Spun (CA 650/2019), all operational creditors, filed these applications after their claims were rejected. The core issue revolves around the Resolution Professional's rejection of claims, particularly concerning awards from the MSME Facilitation Council and the submission of necessary documentation.
1. Corporate Insolvency Resolution Process (CIRP) was initiated against GPI Textiles Limited via CP (IB) No. 35/Chd/HP/2018 filed by Phoenix Arc Pvt. Ltd., a financial creditor, and admitted on 2018-07-06.
2. TDB Spinners Pvt. Ltd. (CA 259/2019), M/s M.K. Cotex (CA 261/2019), and M/s Tanmay Pure Spun (CA 650/2019) are operational creditors of GPI Textiles Limited.
3. Each of these operational creditors filed CAs under Section 60(5) of the IBC 2016, challenging the Resolution Professional's rejection of their claims.
4. TDB Spinners Pvt. Ltd. and M/s Tanmay Pure Spun obtained awards from the MSME Facilitation Council against GPI Textiles Limited, specifically dated 2014-11-26.
5. The Resolution Professional rejected the claims of TDB Spinners Pvt. Ltd., M/s M.K. Cotex, and
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Corporate Insolvency Resolution Process (CIRP)…
An Interim Res…
The case involves multiple CAs (259/2019, 261/2019, and 650/2019) filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, within the Corporate Insolvency Resolution Process (CIRP) of GPI Textiles Ltd. initiated via CP (IB) No. 35/Chd/HP/2018 filed by Phoenix Arc Pvt. Ltd. These CAs challenge the rejection of claims by the Resolution Professional. TDB Spinners Pvt. Ltd. (CA 259/2019), M/s M.K. Cotex (CA 261/2019), and M/s Tanmay Pure Spun (CA 650/2019), all operational creditors, filed these applications after their claims were rejected. The core issue revolves around the Resolution Professional's rejection of claims, particularly concerning awards from the MSME Facilitation Council and the submission of necessary documentation.
1. Corporate Insolvency Resolution Process (CIRP) was initiated against GPI Textiles Limited via CP (IB) No. 35/Chd/HP/2018 filed by Phoenix Arc Pvt. Ltd., a financial creditor, and admitted on 2018-07-06.
2. TDB Spinners Pvt. Ltd. (CA 259/2019), M/s M.K. Cotex (CA 261/2019), and M/s Tanmay Pure Spun (CA 650/2019) are operational creditors of GPI Textiles Limited.
3. Each of these operational creditors filed CAs under Section 60(5) of the IBC 2016, challenging the Resolution Professional's rejection of their claims.
4. TDB Spinners Pvt. Ltd. and M/s Tanmay Pure Spun obtained awards from the MSME Facilitation Council against GPI Textiles Limited, specifically dated 2014-11-26.
5. The Resolution Professional rejected the claims of TDB Spinners Pvt. Ltd., M/s M.K. Cotex, and
Corporate Insolvency Resolution Process (CIRP)…
An Interim Res…