The case involves M/s Midfield Industries Limited, which is undergoing the Corporate Insolvency Resolution Process (CIRP). IA 608/2021 was filed by the Committee of Creditors (CoC) seeking to replace the Interim Resolution Professional (IRP), Ms. Sandhya Tadla, with Mr. Madasa Kumar. IA 649/2021 was filed by the IRP seeking payment of fees and expenses from the CoC. The CoC had not fully complied with the Adjudicating Authority's direction to reimburse the IRP's costs.
M/s Midfield Industries Limited is undergoing CIRP. The Committee of Creditors (CoC) filed IA 608/2021 seeking to replace the Interim Resolution Professional (IRP), Ms. Sandhya Tadla, with Mr. Madasa Kumar. The CoC approved the resolution with 74% voting shares. IA 649/2021 was filed by Ms. Sandhya Tadla, the IRP, seeking payment of her fees and expenses. The Adjudicating Authority had previously directed the CoC to reimburse the IRP's costs, but the CoC had not fully complied. The State Bank of India (SBI), holding 70% stake in CoC, remitted their share to IRP, and Axis Bank, holding 24% stake, approved the payment. Mr. Nitin, Proprietor, Loha Udyog, the Original Operational Creditor, did not obey the directions of the Hon'ble Tribunal vide its order No.562/9/HDB/2019
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The case involves M/s Midfield Industries Limited, which is undergoing the Corporate Insolvency Resolution Process (CIRP). IA 608/2021 was filed by the Committee of Creditors (CoC) seeking to replace the Interim Resolution Professional (IRP), Ms. Sandhya Tadla, with Mr. Madasa Kumar. IA 649/2021 was filed by the IRP seeking payment of fees and expenses from the CoC. The CoC had not fully complied with the Adjudicating Authority's direction to reimburse the IRP's costs.
M/s Midfield Industries Limited is undergoing CIRP. The Committee of Creditors (CoC) filed IA 608/2021 seeking to replace the Interim Resolution Professional (IRP), Ms. Sandhya Tadla, with Mr. Madasa Kumar. The CoC approved the resolution with 74% voting shares. IA 649/2021 was filed by Ms. Sandhya Tadla, the IRP, seeking payment of her fees and expenses. The Adjudicating Authority had previously directed the CoC to reimburse the IRP's costs, but the CoC had not fully complied. The State Bank of India (SBI), holding 70% stake in CoC, remitted their share to IRP, and Axis Bank, holding 24% stake, approved the payment. Mr. Nitin, Proprietor, Loha Udyog, the Original Operational Creditor, did not obey the directions of the Hon'ble Tribunal vide its order No.562/9/HDB/2019
…Order pronounced by the National Company Law…
Minutes of the 3rd CoC meeting enclosed,…