The case involves an application (IA No. 32 of 2019) filed by the Committee of Creditors (COC) under Section 22(3)(b) of the Insolvency & Bankruptcy Code, 2016, seeking the replacement of the Interim Resolution Professional (IRP). The COC, in a meeting held on 26-05-2019, unanimously decided to replace the IRP with another IRP from the panel of the State Bank of India (SBI). The management of the Corporate Debtor (CD) Company undergoing Corporate Insolvency Resolution Process (CIRP) was reportedly not progressing well, prompting the COC's request.
Langlai Tea and Industries Ltd. is the Corporate Debtor undergoing CIRP. The State Bank of India (SBI) is the Financial Creditor. The COC filed an application (IA No. 32 of 2019) seeking the replacement of the IRP. The COC held a meeting on 2019-05-26 and unanimously decided to replace the IRP due to unsatisfactory management of the CD Company. The court considered the application and the unanimous decision of the COC. The court directed the outgoing IRP to handover records to the incoming IRP within one week. The COC was directed to pay the fees and costs due to the IRP. The company petition CP (IB) 10/GB/2019 was listed for further progress report on 2019-07-25.
Sign in to view the parties.
The COC held a meeting…
The court delivered the order allowing the…
Sign in to view related legal provisions.
The case involves an application (IA No. 32 of 2019) filed by the Committee of Creditors (COC) under Section 22(3)(b) of the Insolvency & Bankruptcy Code, 2016, seeking the replacement of the Interim Resolution Professional (IRP). The COC, in a meeting held on 26-05-2019, unanimously decided to replace the IRP with another IRP from the panel of the State Bank of India (SBI). The management of the Corporate Debtor (CD) Company undergoing Corporate Insolvency Resolution Process (CIRP) was reportedly not progressing well, prompting the COC's request.
Langlai Tea and Industries Ltd. is the Corporate Debtor undergoing CIRP. The State Bank of India (SBI) is the Financial Creditor. The COC filed an application (IA No. 32 of 2019) seeking the replacement of the IRP. The COC held a meeting on 2019-05-26 and unanimously decided to replace the IRP due to unsatisfactory management of the CD Company. The court considered the application and the unanimous decision of the COC. The court directed the outgoing IRP to handover records to the incoming IRP within one week. The COC was directed to pay the fees and costs due to the IRP. The company petition CP (IB) 10/GB/2019 was listed for further progress report on 2019-07-25.
The COC held a meeting…
The court delivered the order allowing the…
Sign in to view related legal provisions.