The document pertains to several Interlocutory Applications (IAs) filed in connection with the Corporate Insolvency Resolution Process (CIRP) of KSM Spinning Mills Limited. The CIRP was initiated following the admission of a petition filed by Central Bank of India. The IAs address issues such as the admission of claims by operational creditors, the eligibility and conduct of the Resolution Professional (RP), and challenges to the resolution plan.
The Corporate Insolvency Resolution Process (CIRP) was initiated against KSM Spinning Mills Limited on 2019-12-17, based on a petition filed by Central Bank of India. Several operational creditors, including Nilkanth Cotton Fibers, Anjani Cotton Industries, and Tirupati Cotton, filed claims after the initial deadline. Nilkanth Cotton Fibers' claim was initially rejected as time-barred, but they had obtained a decree against the corporate debtor. Anjani Cotton Industries sought interest on their claim, citing the MSME Act. Sarish Mittal, a suspended director, filed multiple IAs alleging misconduct by the Resolution Professional (RP), Nipan Bansal, and his counsel, Harsh Garg. He also challenged Nipan Bansal's appointment and sought his removal. The Committee of
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Corporate Insolvency Resolution Process…
CP (IB) No. 250/Chd/Pb/2…
The document pertains to several Interlocutory Applications (IAs) filed in connection with the Corporate Insolvency Resolution Process (CIRP) of KSM Spinning Mills Limited. The CIRP was initiated following the admission of a petition filed by Central Bank of India. The IAs address issues such as the admission of claims by operational creditors, the eligibility and conduct of the Resolution Professional (RP), and challenges to the resolution plan.
The Corporate Insolvency Resolution Process (CIRP) was initiated against KSM Spinning Mills Limited on 2019-12-17, based on a petition filed by Central Bank of India. Several operational creditors, including Nilkanth Cotton Fibers, Anjani Cotton Industries, and Tirupati Cotton, filed claims after the initial deadline. Nilkanth Cotton Fibers' claim was initially rejected as time-barred, but they had obtained a decree against the corporate debtor. Anjani Cotton Industries sought interest on their claim, citing the MSME Act. Sarish Mittal, a suspended director, filed multiple IAs alleging misconduct by the Resolution Professional (RP), Nipan Bansal, and his counsel, Harsh Garg. He also challenged Nipan Bansal's appointment and sought his removal. The Committee of
…Corporate Insolvency Resolution Process…
CP (IB) No. 250/Chd/Pb/2…