M/s. Santosh Associates, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 against M/s. Paramex Transformers Limited. The petition was admitted on 2019-11-26. An IRP was appointed but sought discharge due to time constraints and health issues, also citing involvement in other liquidation and resolution processes. The IRP's application was approved, and a new IRP, Mr. Rajeev Lochan, was appointed. The applicant, M/s. Santosh Associates, was directed to deposit Rs. 2 Lakhs to cover the IRP's immediate expenses. This deposit is to be accounted for by the IRP and reimbursed to the applicant as costs of the CIRP.

M/s. Santosh Associates, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 against M/s. Paramex Transformers Limited. The petition was admitted on 2019-11-26. An IRP was appointed but sought discharge due to time constraints and health issues, also citing involvement in other liquidation and resolution processes. The IRP's application was approved, and a new IRP, Mr. Rajeev Lochan, was appointed. The applicant, M/s. Santosh Associates, was directed to deposit Rs. 2 Lakhs to cover the IRP's immediate expenses. This deposit is to be accounted for by the IRP and reimbursed to the applicant as costs of the CIRP.