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 with 84.6% voting share in the Committee of Creditors (CoC), filed an application to replace the Interim Resolution Professional (IRP), Mr. S. Viswanathan, with Ms. Shirley Mathew. The IRP was accused of not conducting proper voting on agendas and failing to provide voting sheets. The Adjudicating Authority directed the IRP to hold a CoC meeting and submit a resolution, but the IRP allegedly did not comply within the specified time. A CoC meeting was eventually held, where a resolution was passed to replace Mr. Viswanathan with Ms. Mathew.
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 physical/electronic voting on meeting agendas, did not furnish voting sheets, and leveled allegations against the bank and its officials. The IRP contended that there was no need to maintain voting sheets. The Adjudicating Authority directed the IRP to hold a CoC meeting, but he allegedly did not comply
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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 with 84.6% voting share in the Committee of Creditors (CoC), filed an application to replace the Interim Resolution Professional (IRP), Mr. S. Viswanathan, with Ms. Shirley Mathew. The IRP was accused of not conducting proper voting on agendas and failing to provide voting sheets. The Adjudicating Authority directed the IRP to hold a CoC meeting and submit a resolution, but the IRP allegedly did not comply within the specified time. A CoC meeting was eventually held, where a resolution was passed to replace Mr. Viswanathan with Ms. Mathew.
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 physical/electronic voting on meeting agendas, did not furnish voting sheets, and leveled allegations against the bank and its officials. The IRP contended that there was no need to maintain voting sheets. The Adjudicating Authority directed the IRP to hold a CoC meeting, but he allegedly did not comply
…Shree Ratna Farm…
The Adjudicating…