The case involves a Company Petition filed by Shree Ratna Farm Products against Mylari Agro Products Ltd., which was admitted by the Adjudicating Authority. Subsequently, Canara Bank, a financial creditor and member of the Committee of Creditors (CoC) with 84.6% voting share, filed an application to replace the Interim Resolution Professional (IRP), Mr. S. Viswanathan, with Ms. Shirley Mathew. The IRP, Mr. Viswanathan, also filed an application seeking to countermand the actions of Canara Bank in the CoC meeting and to be reconfirmed as the Resolution Professional.
Shree Ratna Farm Products initiated a Corporate Insolvency Resolution Process (CIRP) against Mylari Agro Products Ltd. The Adjudicating Authority admitted the petition and appointed Mr. S. Viswanathan as the Interim Resolution Professional (IRP). Canara Bank, a financial creditor with 84.6% voting share in the Committee of Creditors (CoC), filed an application to replace Mr. Viswanathan with Ms. Shirley Mathew. Canara Bank alleged that Mr. Viswanathan failed to conduct proper voting, disputed their consent to his appointment, and failed to provide voting sheets. Mr. Viswanathan, in turn, argued that there was no need to maintain voting sheets and sought to countermand Canara Bank's actions. The CoC subsequently resolved to replace Mr. Viswanathan with Ms. Shirley
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Shree Ratna Farm…
The Adjudicating…
The case involves a Company Petition filed by Shree Ratna Farm Products against Mylari Agro Products Ltd., which was admitted by the Adjudicating Authority. Subsequently, Canara Bank, a financial creditor and member of the Committee of Creditors (CoC) with 84.6% voting share, filed an application to replace the Interim Resolution Professional (IRP), Mr. S. Viswanathan, with Ms. Shirley Mathew. The IRP, Mr. Viswanathan, also filed an application seeking to countermand the actions of Canara Bank in the CoC meeting and to be reconfirmed as the Resolution Professional.
Shree Ratna Farm Products initiated a Corporate Insolvency Resolution Process (CIRP) against Mylari Agro Products Ltd. The Adjudicating Authority admitted the petition and appointed Mr. S. Viswanathan as the Interim Resolution Professional (IRP). Canara Bank, a financial creditor with 84.6% voting share in the Committee of Creditors (CoC), filed an application to replace Mr. Viswanathan with Ms. Shirley Mathew. Canara Bank alleged that Mr. Viswanathan failed to conduct proper voting, disputed their consent to his appointment, and failed to provide voting sheets. Mr. Viswanathan, in turn, argued that there was no need to maintain voting sheets and sought to countermand Canara Bank's actions. The CoC subsequently resolved to replace Mr. Viswanathan with Ms. Shirley
…Shree Ratna Farm…
The Adjudicating…