The case involves an application (MA/80(CHE)/2021) within an existing insolvency proceeding (IBA/578/2019) where the Adjudicating Authority questioned the reason for replacing the Resolution Professional (RP) during the 12th Committee of Creditors (CoC) meeting on February 5, 2021, especially considering the Corporate Debtor was nearing liquidation. The applicant cited 'operational need' for the change, stating the sole CoC member decided to replace the RP. The Adjudicating Authority requested a detailed affidavit explaining the 'operational need' since the company was heading for liquidation. However, no affidavit was filed.
The State Bank of India initiated insolvency proceedings against Mathur Sabapathy Viswanathan under Section 27 of the IBC, 2016. An application, MA/80(CHE)/2021, was filed within the main insolvency case, IBA/578/2019. The Adjudicating Authority questioned the reason for replacing the RP during the 12th CoC meeting held on 05.02.2021, especially since the Corporate Debtor was nearing liquidation. The applicant cited 'operational need' for the replacement, stating that the sole CoC member (State Bank of India) decided to replace the RP. The Adjudicating Authority requested a detailed affidavit explaining the 'operational need'. No affidavit was filed. The applicant's counsel sought to withdraw the application, stating that no CoC meeting had been conducted and no
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12th Committee of Creditors (CoC) meeting held…
Adjudicating Authority asked the Applicant to…
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The case involves an application (MA/80(CHE)/2021) within an existing insolvency proceeding (IBA/578/2019) where the Adjudicating Authority questioned the reason for replacing the Resolution Professional (RP) during the 12th Committee of Creditors (CoC) meeting on February 5, 2021, especially considering the Corporate Debtor was nearing liquidation. The applicant cited 'operational need' for the change, stating the sole CoC member decided to replace the RP. The Adjudicating Authority requested a detailed affidavit explaining the 'operational need' since the company was heading for liquidation. However, no affidavit was filed.
The State Bank of India initiated insolvency proceedings against Mathur Sabapathy Viswanathan under Section 27 of the IBC, 2016. An application, MA/80(CHE)/2021, was filed within the main insolvency case, IBA/578/2019. The Adjudicating Authority questioned the reason for replacing the RP during the 12th CoC meeting held on 05.02.2021, especially since the Corporate Debtor was nearing liquidation. The applicant cited 'operational need' for the replacement, stating that the sole CoC member (State Bank of India) decided to replace the RP. The Adjudicating Authority requested a detailed affidavit explaining the 'operational need'. No affidavit was filed. The applicant's counsel sought to withdraw the application, stating that no CoC meeting had been conducted and no
…12th Committee of Creditors (CoC) meeting held…
Adjudicating Authority asked the Applicant to…
Sign in to view related legal provisions.