The case involves an application (IA 691 of 2019) filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking the appointment of a new Interim Resolution Professional (IRP) for the Corporate Debtor, KSL & Industries Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated based on an application filed by Abhinandan Multitrade Pvt. Ltd. & Anr. The initial IRP was appointed, and a Committee of Creditors (CoC) was constituted. Disputes arose regarding the composition of the CoC, specifically the classification and eligibility of certain creditors, leading to a stalemate in the appointment of a Resolution Professional (RP).
The Corporate Insolvency Resolution Process (CIRP) was initiated against KSL & Industries Ltd. based on an application filed by Abhinandan Multitrade Pvt. Ltd. & Anr. An Interim Resolution Professional (IRP) was appointed, and a Committee of Creditors (CoC) was constituted. A dispute arose regarding the composition of the CoC, with concerns raised about the eligibility and classification of certain creditors, particularly Non-Financial Institutions and Corporates. The Applicant and other Financial Institutions alleged that the IRP admitted claims and assigned voting rights without proper verification, reducing the voting share of secured Financial Creditors. A forensic audit report indicated that some creditors were related parties of the Corporate Debtor. The
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CP(IB) 397 of…
The 1st CoC meeting was held, where the IRP…
The case involves an application (IA 691 of 2019) filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking the appointment of a new Interim Resolution Professional (IRP) for the Corporate Debtor, KSL & Industries Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated based on an application filed by Abhinandan Multitrade Pvt. Ltd. & Anr. The initial IRP was appointed, and a Committee of Creditors (CoC) was constituted. Disputes arose regarding the composition of the CoC, specifically the classification and eligibility of certain creditors, leading to a stalemate in the appointment of a Resolution Professional (RP).
The Corporate Insolvency Resolution Process (CIRP) was initiated against KSL & Industries Ltd. based on an application filed by Abhinandan Multitrade Pvt. Ltd. & Anr. An Interim Resolution Professional (IRP) was appointed, and a Committee of Creditors (CoC) was constituted. A dispute arose regarding the composition of the CoC, with concerns raised about the eligibility and classification of certain creditors, particularly Non-Financial Institutions and Corporates. The Applicant and other Financial Institutions alleged that the IRP admitted claims and assigned voting rights without proper verification, reducing the voting share of secured Financial Creditors. A forensic audit report indicated that some creditors were related parties of the Corporate Debtor. The
…CP(IB) 397 of…
The 1st CoC meeting was held, where the IRP…