The case involves an application under Section 9 of the Insolvency and Bankruptcy Code, 2016. The applicant proposed Mr. K.V. Somani as the Resolution Professional. However, it was brought to the court's attention that Mr. Somani was empanelled with the State Bank of India, Hyderabad, which has since merged with the State Bank of India. The State Bank of India is a member of the committee of creditors (COC).
Mussadi Lal Kishan Lal filed an application. The applicant proposed Mr. K.V. Somani as the Resolution Professional. Mr. Somani was previously on the panel of the erstwhile State Bank of India, Hyderabad, which is now merged with the State Bank of India. The State Bank of India is a member of the committee of creditors (COC). The COC proposed Mr. K.V. Somani to act as Resolution Professional, replacing Mr. Rakesh Kumar Jain. The court found that Mr. Somani's prior association with the State Bank of India compromised his independence.
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The case involves an application under Section 9 of the Insolvency and Bankruptcy Code, 2016. The applicant proposed Mr. K.V. Somani as the Resolution Professional. However, it was brought to the court's attention that Mr. Somani was empanelled with the State Bank of India, Hyderabad, which has since merged with the State Bank of India. The State Bank of India is a member of the committee of creditors (COC).
Mussadi Lal Kishan Lal filed an application. The applicant proposed Mr. K.V. Somani as the Resolution Professional. Mr. Somani was previously on the panel of the erstwhile State Bank of India, Hyderabad, which is now merged with the State Bank of India. The State Bank of India is a member of the committee of creditors (COC). The COC proposed Mr. K.V. Somani to act as Resolution Professional, replacing Mr. Rakesh Kumar Jain. The court found that Mr. Somani's prior association with the State Bank of India compromised his independence.
The order was d…
Sign in to view related legal provisions.