The case involves a petition filed by an Operational Creditor under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against a Corporate Debtor. The Adjudicating Authority had admitted the petition. However, the Petitioner/Operational Creditor did not suggest the name of any Interim Resolution Professional (IRP) in the petition.
The Operational Creditor, Jai Corp Ltd, filed a petition under Section 9 of the IBC, 2016, against the Corporate Debtor, Silk Woven Sack Pvt Ltd, seeking to initiate CIRP. The Adjudicating Authority admitted the petition on 2019-11-06. However, the Operational Creditor did not propose an Interim Resolution Professional (IRP) in their petition. The Adjudicating Authority notes that while it is not mandatory for the Operational Creditor to propose an IRP, the Authority must appoint one from the IBBI panel if the Operational Creditor does not. The Adjudicating Authority then appoints Shri Anish Babubhai Shah as the IRP.
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The Adjudicating Authority admitted the…
The Adjudicating Authority appointed Shri Anish…
The case involves a petition filed by an Operational Creditor under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against a Corporate Debtor. The Adjudicating Authority had admitted the petition. However, the Petitioner/Operational Creditor did not suggest the name of any Interim Resolution Professional (IRP) in the petition.
The Operational Creditor, Jai Corp Ltd, filed a petition under Section 9 of the IBC, 2016, against the Corporate Debtor, Silk Woven Sack Pvt Ltd, seeking to initiate CIRP. The Adjudicating Authority admitted the petition on 2019-11-06. However, the Operational Creditor did not propose an Interim Resolution Professional (IRP) in their petition. The Adjudicating Authority notes that while it is not mandatory for the Operational Creditor to propose an IRP, the Authority must appoint one from the IBBI panel if the Operational Creditor does not. The Adjudicating Authority then appoints Shri Anish Babubhai Shah as the IRP.
The Adjudicating Authority admitted the…
The Adjudicating Authority appointed Shri Anish…