The case involves multiple IAs (IA/3723/2020, IA/4208/2020, and IA/3899/2020) filed in the National Company Law Tribunal (NCLT), New Delhi, Court – II, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. IA/3723/2020 concerns the exclusion of 60 days from the CIRP period due to the matter being before higher courts. IA/4208/2020 relates to a request for a change of the Resolution Professional (RP) based on a resolution passed in a CoC meeting. The court observed a conflict where Financial Creditors propose RPs from their panels, potentially delaying the CIRP, and decided to involve IBBI.
Worldwide Metals Pvt. Ltd. filed an application/petition against J.P. Engineers Pvt. Ltd. before the NCLT. The Resolution Professional sought exclusion of 60 days (from June 10, 2020, to August 10, 2020) from the CIRP period because the matter was before higher courts, and the higher court had ordered not to precipitate the CIRP. The CoC sought a change of the present RP, Mr. Vivek Raheja, based on a resolution passed in the 3rd CoC meeting held on August 26, 2020. The court noted that the proposed RP is already handling multiple CIRP matters and that Financial Creditors generally propose RPs from their own panels, potentially delaying the CIRP. The Consent Form-AA dated May 19, 2020, submitted by Mr. Vivek Raheja, indicated that he was handling CIR matters of Five
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The case involves multiple IAs (IA/3723/2020, IA/4208/2020, and IA/3899/2020) filed in the National Company Law Tribunal (NCLT), New Delhi, Court – II, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. IA/3723/2020 concerns the exclusion of 60 days from the CIRP period due to the matter being before higher courts. IA/4208/2020 relates to a request for a change of the Resolution Professional (RP) based on a resolution passed in a CoC meeting. The court observed a conflict where Financial Creditors propose RPs from their panels, potentially delaying the CIRP, and decided to involve IBBI.
Worldwide Metals Pvt. Ltd. filed an application/petition against J.P. Engineers Pvt. Ltd. before the NCLT. The Resolution Professional sought exclusion of 60 days (from June 10, 2020, to August 10, 2020) from the CIRP period because the matter was before higher courts, and the higher court had ordered not to precipitate the CIRP. The CoC sought a change of the present RP, Mr. Vivek Raheja, based on a resolution passed in the 3rd CoC meeting held on August 26, 2020. The court noted that the proposed RP is already handling multiple CIRP matters and that Financial Creditors generally propose RPs from their own panels, potentially delaying the CIRP. The Consent Form-AA dated May 19, 2020, submitted by Mr. Vivek Raheja, indicated that he was handling CIR matters of Five
…Consent Form-AA submitted by Mr. Vivek Raheja,…
Start date of the…
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