The case involves an application (IA No. 710/2019) filed under Section 60(5) of the Insolvency and Bankruptcy Code (IBC) 2016 by M/s. Vinayak Steels Limited, a Resolution Applicant, concerning the Corporate Debtor, M/s. Kumar's Metallurgical Corporation Limited. The applicant sought several reliefs, including staying the finalization of the approval of the Resolution Plan submitted by Respondent 7 (Mahalakshmi Profiles Private Limited), directing Mr. B.C. Ganesh (Respondent 10) to submit bank statements and income tax returns, directing Axis Bank Limited (Respondent 9) to submit an affidavit disclosing its relationship with Mr. B.C. Ganesh, directing the Resolution Professional to provide details of Resolution Plan considerations, and directing all CoC members to
…M/s. Vinayak Steels Limited filed an application (IA No. 710/2019) under Section 60(5) of the IBC, challenging the CIRP process of M/s. Kumar's Metallurgical Corporation Limited. Vinayak Steels, a Resolution Applicant, alleged bias and irregularities in the selection of Mahalakshmi Profiles Private Limited (MPPL) as the successful Resolution Applicant. The applicant claimed that Prudent ARC Ltd (Respondent 1), a member of the CoC, colluded with MPPL (Respondent 7) to manipulate the process. Mr. B.C. Ganesh (Respondent 10) was alleged to have connections with multiple parties, raising concerns about conflict of interest. The applicant sought a stay on the approval of MPPL's Resolution Plan and directions for various parties to disclose information and submit affidavits.
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The case involves an application (IA No. 710/2019) filed under Section 60(5) of the Insolvency and Bankruptcy Code (IBC) 2016 by M/s. Vinayak Steels Limited, a Resolution Applicant, concerning the Corporate Debtor, M/s. Kumar's Metallurgical Corporation Limited. The applicant sought several reliefs, including staying the finalization of the approval of the Resolution Plan submitted by Respondent 7 (Mahalakshmi Profiles Private Limited), directing Mr. B.C. Ganesh (Respondent 10) to submit bank statements and income tax returns, directing Axis Bank Limited (Respondent 9) to submit an affidavit disclosing its relationship with Mr. B.C. Ganesh, directing the Resolution Professional to provide details of Resolution Plan considerations, and directing all CoC members to
…M/s. Vinayak Steels Limited filed an application (IA No. 710/2019) under Section 60(5) of the IBC, challenging the CIRP process of M/s. Kumar's Metallurgical Corporation Limited. Vinayak Steels, a Resolution Applicant, alleged bias and irregularities in the selection of Mahalakshmi Profiles Private Limited (MPPL) as the successful Resolution Applicant. The applicant claimed that Prudent ARC Ltd (Respondent 1), a member of the CoC, colluded with MPPL (Respondent 7) to manipulate the process. Mr. B.C. Ganesh (Respondent 10) was alleged to have connections with multiple parties, raising concerns about conflict of interest. The applicant sought a stay on the approval of MPPL's Resolution Plan and directions for various parties to disclose information and submit affidavits.
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RP sent…