The case involves an application filed by the lenders (State Bank of India & 2 Ors) under Section 33 of the Companies Act, 2013, seeking the replacement of the Resolution Professional (Mr. Venkataramanarao Nagarajan) in the Corporate Insolvency Resolution Process (CIRP) of M/s. Oceanic Tropical Fruits Private Limited. The lenders raised several allegations against the Resolution Professional, claiming technical deficiencies and violations of the I&B Code, 2016. The Resolution Professional refuted these allegations, asserting that the application was baseless and filed at the fag end of the CIRP. The CIRP had already undergone extensions, and the CoCs had refused to allow the Resolution Applicants to present their plans.
The State Bank of India & 2 Ors, as lenders, filed an application to replace the Resolution Professional (RP), Mr. Venkataramanarao Nagarajan, in the CIRP of M/s. Oceanic Tropical Fruits Private Limited. The lenders alleged technical deficiencies and violations of the I&B Code by the RP, including delays in providing minutes of CoC meetings, insufficient notice for meetings, and issues with the Information Memorandum. The RP refuted these allegations, claiming they were baseless and filed late in the CIRP. The CIRP had been extended, and the CoCs had refused to allow Resolution Applicants to present their plans. ICICI Bank Limited, one of the lenders, had previously filed an application under Section 7 of the I&B Code against the Corporate Debtor, which was
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Application under Section 7 of I&B Code filed…
The initial CIR…
The case involves an application filed by the lenders (State Bank of India & 2 Ors) under Section 33 of the Companies Act, 2013, seeking the replacement of the Resolution Professional (Mr. Venkataramanarao Nagarajan) in the Corporate Insolvency Resolution Process (CIRP) of M/s. Oceanic Tropical Fruits Private Limited. The lenders raised several allegations against the Resolution Professional, claiming technical deficiencies and violations of the I&B Code, 2016. The Resolution Professional refuted these allegations, asserting that the application was baseless and filed at the fag end of the CIRP. The CIRP had already undergone extensions, and the CoCs had refused to allow the Resolution Applicants to present their plans.
The State Bank of India & 2 Ors, as lenders, filed an application to replace the Resolution Professional (RP), Mr. Venkataramanarao Nagarajan, in the CIRP of M/s. Oceanic Tropical Fruits Private Limited. The lenders alleged technical deficiencies and violations of the I&B Code by the RP, including delays in providing minutes of CoC meetings, insufficient notice for meetings, and issues with the Information Memorandum. The RP refuted these allegations, claiming they were baseless and filed late in the CIRP. The CIRP had been extended, and the CoCs had refused to allow Resolution Applicants to present their plans. ICICI Bank Limited, one of the lenders, had previously filed an application under Section 7 of the I&B Code against the Corporate Debtor, which was
…Application under Section 7 of I&B Code filed…
The initial CIR…