The case involves an application by the Interim Resolution Professional (IRP) of Kei-Rsos Maritime Limited, a company undergoing Corporate Insolvency Resolution Process (CIRP). The IRP sought directions from the National Company Law Tribunal (NCLT) to compel the Committee of Creditors (CoC) to cooperate and approve expenditures incurred during the CIRP. The CIRP was initiated following an order dated 2019-08-28. The CoC, primarily represented by Indian Bank, initially sought time for internal approval but later dissented to the resolutions and decided to replace the IRP. The IRP filed the application due to this lack of cooperation and the CoC's refusal to approve expenditures.
Kei-Rsos Maritime Limited is undergoing Corporate Insolvency Resolution Process (CIRP) initiated on 2019-08-28. Anand Chandra Swain was appointed as the Interim Resolution Professional (IRP). The company's operations involve Single Point Mooring (SPM), port operation, and towing. The Committee of Creditors (CoC), represented by Indian Bank, initially sought time for approval but later dissented to resolutions and decided to replace the IRP. The IRP filed an application seeking directions to the CoC to cooperate and approve expenditures. Crowe Boda & Company Private Limited, the Indian representative and agent of Shipowners' Protection Limited (SOPL), terminated the company's insurance coverage, citing the admission of the Company Petition. The insurance covered two
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Company P…
Tribunal directed…
The case involves an application by the Interim Resolution Professional (IRP) of Kei-Rsos Maritime Limited, a company undergoing Corporate Insolvency Resolution Process (CIRP). The IRP sought directions from the National Company Law Tribunal (NCLT) to compel the Committee of Creditors (CoC) to cooperate and approve expenditures incurred during the CIRP. The CIRP was initiated following an order dated 2019-08-28. The CoC, primarily represented by Indian Bank, initially sought time for internal approval but later dissented to the resolutions and decided to replace the IRP. The IRP filed the application due to this lack of cooperation and the CoC's refusal to approve expenditures.
Kei-Rsos Maritime Limited is undergoing Corporate Insolvency Resolution Process (CIRP) initiated on 2019-08-28. Anand Chandra Swain was appointed as the Interim Resolution Professional (IRP). The company's operations involve Single Point Mooring (SPM), port operation, and towing. The Committee of Creditors (CoC), represented by Indian Bank, initially sought time for approval but later dissented to resolutions and decided to replace the IRP. The IRP filed an application seeking directions to the CoC to cooperate and approve expenditures. Crowe Boda & Company Private Limited, the Indian representative and agent of Shipowners' Protection Limited (SOPL), terminated the company's insurance coverage, citing the admission of the Company Petition. The insurance covered two
…Company P…
Tribunal directed…