The application MA/80(CHE)/2021 was filed based on the 12th CoC meeting for the replacement of the Resolution Professional (RP) in the Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor. The CIRP commenced on 2019-07-24. State Bank of India is the sole member of the Committee of Creditors (CoC). The Corporate Debtor has been kept as a going concern. The sole CoC member decided to replace the RP due to an 'operational need'. The Adjudicating Authority was notified that the suggested RP appears to be an ex-employee of State Bank of India, the Financial Creditor.
The State Bank of India initiated CIRP against Mathur Sabapathy Viswanathan under Section 27 of IBC, 2016. The CIRP commenced on 2019-07-24. State Bank of India is the sole member of the CoC. The 12th CoC meeting decided to replace the RP due to 'operational need'. The proposed RP is an ex-employee of the State Bank of India. The company has been kept as a going concern, but the CoC appears to want to go for liquidation. No resolution plan is available for consideration.
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Corporate Ins…
The 12th Committee of Creditors (CoC) meeting…
The application MA/80(CHE)/2021 was filed based on the 12th CoC meeting for the replacement of the Resolution Professional (RP) in the Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor. The CIRP commenced on 2019-07-24. State Bank of India is the sole member of the Committee of Creditors (CoC). The Corporate Debtor has been kept as a going concern. The sole CoC member decided to replace the RP due to an 'operational need'. The Adjudicating Authority was notified that the suggested RP appears to be an ex-employee of State Bank of India, the Financial Creditor.
The State Bank of India initiated CIRP against Mathur Sabapathy Viswanathan under Section 27 of IBC, 2016. The CIRP commenced on 2019-07-24. State Bank of India is the sole member of the CoC. The 12th CoC meeting decided to replace the RP due to 'operational need'. The proposed RP is an ex-employee of the State Bank of India. The company has been kept as a going concern, but the CoC appears to want to go for liquidation. No resolution plan is available for consideration.
Corporate Ins…
The 12th Committee of Creditors (CoC) meeting…