The case involves an application (IA 691 of 2019) filed in CP (IB) 397 of 2018 under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking the appointment of a new Interim Resolution Professional (IRP). CP(IB) 397 of 2018 was initially filed under Section 7 of the IBC by Abhinandan Multitrade Pvt. Ltd. & Anr., admitted on 2019-09-06, leading to the appointment of an IRP and the constitution of a Committee of Creditors (CoC). A dispute arose regarding the composition of the CoC, specifically concerning the classification and eligibility of creditors, with concerns raised about the inclusion of related parties and the verification of claims.
Abhinandan Multitrade Pvt. Ltd. & Anr. initiated Corporate Insolvency Resolution Process (CIRP) against KSL & Industries Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016, which was admitted on 2019-09-06. An Interim Resolution Professional (IRP) was appointed, and a Committee of Creditors (CoC) was formed. The IRP presented a list of creditors, revealing that out of 37 creditors, only 7 were financial institutions, while 30 were non-financial institutions and corporates. The voting share of financial institutions was 36.53%, and non-financial institutions/corporates held 63.47%. Financial institutions raised concerns about the eligibility of corporate creditors. A forensic audit report indicated that certain entities included in the list of
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CP(IB) 397 of 2018…
The 1st CoC meeting was…
The case involves an application (IA 691 of 2019) filed in CP (IB) 397 of 2018 under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking the appointment of a new Interim Resolution Professional (IRP). CP(IB) 397 of 2018 was initially filed under Section 7 of the IBC by Abhinandan Multitrade Pvt. Ltd. & Anr., admitted on 2019-09-06, leading to the appointment of an IRP and the constitution of a Committee of Creditors (CoC). A dispute arose regarding the composition of the CoC, specifically concerning the classification and eligibility of creditors, with concerns raised about the inclusion of related parties and the verification of claims.
Abhinandan Multitrade Pvt. Ltd. & Anr. initiated Corporate Insolvency Resolution Process (CIRP) against KSL & Industries Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016, which was admitted on 2019-09-06. An Interim Resolution Professional (IRP) was appointed, and a Committee of Creditors (CoC) was formed. The IRP presented a list of creditors, revealing that out of 37 creditors, only 7 were financial institutions, while 30 were non-financial institutions and corporates. The voting share of financial institutions was 36.53%, and non-financial institutions/corporates held 63.47%. Financial institutions raised concerns about the eligibility of corporate creditors. A forensic audit report indicated that certain entities included in the list of
…CP(IB) 397 of 2018…
The 1st CoC meeting was…