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 to submit bank statements and income tax returns, directing Axis Bank Limited to submit a notarized affidavit disclosing its relationship with Mr. B.C. Ganesh, directing the Resolution Professional to provide details of Resolution Plan considerations, and directing CoC members to submit notarized affidavits
…M/s. Vinayak Steels Limited filed an application (IA No. 710/2019) against the Corporate Debtor, M/s. Kumar's Metallurgical Corporation Limited, seeking several reliefs related to the Corporate Insolvency Resolution Process (CIRP). Vinayak Steels, a Resolution Applicant, alleged bias and favoritism by the Committee of Creditors (CoC) and the Resolution Professional (RP). The applicant contended that Prudent ARC Ltd (Respondent 1), a CoC member, had a conflict of interest with Mahalakshmi Profiles Private Limited (Respondent 7), the successful Resolution Applicant. The applicant claimed that Mr. B.C. Ganesh (Respondent 10), a common witness in various agreements, was an employee of Mahalakshmi Profiles and possessed inside information. The applicant also alleged that
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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 to submit bank statements and income tax returns, directing Axis Bank Limited to submit a notarized affidavit disclosing its relationship with Mr. B.C. Ganesh, directing the Resolution Professional to provide details of Resolution Plan considerations, and directing CoC members to submit notarized affidavits
…M/s. Vinayak Steels Limited filed an application (IA No. 710/2019) against the Corporate Debtor, M/s. Kumar's Metallurgical Corporation Limited, seeking several reliefs related to the Corporate Insolvency Resolution Process (CIRP). Vinayak Steels, a Resolution Applicant, alleged bias and favoritism by the Committee of Creditors (CoC) and the Resolution Professional (RP). The applicant contended that Prudent ARC Ltd (Respondent 1), a CoC member, had a conflict of interest with Mahalakshmi Profiles Private Limited (Respondent 7), the successful Resolution Applicant. The applicant claimed that Mr. B.C. Ganesh (Respondent 10), a common witness in various agreements, was an employee of Mahalakshmi Profiles and possessed inside information. The applicant also alleged that
…Invitation for Expression of Interest for…
Deadline for submission…