The Miscellaneous Application No.1253 of 2018 was filed by the Applicants under Section 60(5)(c) of the Insolvency and Bankruptcy Code, 2016, on behalf of individuals who purchased units in "Kamla Industrial Park." The applicants purchased these units from Metallica Industries Ltd., now referred to as the "Corporate Debtor." The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following an application filed by State Bank of India under Section 7 of the I&B Code, 2016. Mr. Saket Jain was appointed as the Interim Resolution Professional (IRP) to conduct the CIRP. The Applicants filed the application against the actions of the Respondent Resolution Professional, alleging deliberate prevention of the
…The Applicants, individuals who purchased units in "Kamla Industrial Park," filed an application under Section 60(5)(c) of the Insolvency and Bankruptcy Code, 2016, seeking a stay on the Corporate Insolvency Resolution Process (CIRP) initiated against Metallica Industries Ltd. (the Corporate Debtor). The CIRP was initiated following an application by State Bank of India under Section 7 of the I&B Code, 2016. The Applicants alleged that the Resolution Professional was preventing them from participating in the CIRP and sought a declaration that the constitution of the Committee of Creditors (CoC) was illegal. The key fact is that the application was filed before the CoC approved the resolution plan.
Sign in to view the parties.
Order delive…
The Miscellaneous Application No.1253 of 2018 was filed by the Applicants under Section 60(5)(c) of the Insolvency and Bankruptcy Code, 2016, on behalf of individuals who purchased units in "Kamla Industrial Park." The applicants purchased these units from Metallica Industries Ltd., now referred to as the "Corporate Debtor." The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following an application filed by State Bank of India under Section 7 of the I&B Code, 2016. Mr. Saket Jain was appointed as the Interim Resolution Professional (IRP) to conduct the CIRP. The Applicants filed the application against the actions of the Respondent Resolution Professional, alleging deliberate prevention of the
…The Applicants, individuals who purchased units in "Kamla Industrial Park," filed an application under Section 60(5)(c) of the Insolvency and Bankruptcy Code, 2016, seeking a stay on the Corporate Insolvency Resolution Process (CIRP) initiated against Metallica Industries Ltd. (the Corporate Debtor). The CIRP was initiated following an application by State Bank of India under Section 7 of the I&B Code, 2016. The Applicants alleged that the Resolution Professional was preventing them from participating in the CIRP and sought a declaration that the constitution of the Committee of Creditors (CoC) was illegal. The key fact is that the application was filed before the CoC approved the resolution plan.
Order delive…