The case involves an application (IA 424 of 2021) by the Committee of Creditors (COC) seeking the replacement of the Interim Resolution Professional (IRP) for Sintex Industries Ltd, which is undergoing Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor was admitted into CIRP on 06.04.2021. The COC, in its first meeting on 10.05.2021, resolved to appoint Mr. Shailendra Ajmera as Resolution Professional with a majority voting share of 90.71%. The applicant was authorized with 99.94% to file this application. The suspended management of the Corporate Debtor alleged that the proposed Resolution Professional has a conflict of interest. Another application (IA 392 of 2021) was filed by the suspended management supporting the continuation of the existing IRP.
Sintex Industries Ltd. is undergoing CIRP, initiated on 06.04.2021. The COC, holding a 90.71% voting share, resolved to replace the existing IRP with Mr. Shailendra Ajmera. The COC authorized the applicant with 99.94% to file the application for replacement. The suspended management of Sintex Industries Ltd. opposed the replacement, alleging a conflict of interest for the proposed RP. The suspended management also filed IA 392 of 2021 to support the continuation of the current IRP. The existing IRP stated they had conducted CIRP for 170 days and attracted 16 expressions of interest. The original financial creditor, Invesco Asset Management (India) Private Limited, had proposed the IRP. The CIRP timeline of 180 days is approaching.
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Corporate D…
Committee of Creditors resolved to appoint…
The case involves an application (IA 424 of 2021) by the Committee of Creditors (COC) seeking the replacement of the Interim Resolution Professional (IRP) for Sintex Industries Ltd, which is undergoing Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor was admitted into CIRP on 06.04.2021. The COC, in its first meeting on 10.05.2021, resolved to appoint Mr. Shailendra Ajmera as Resolution Professional with a majority voting share of 90.71%. The applicant was authorized with 99.94% to file this application. The suspended management of the Corporate Debtor alleged that the proposed Resolution Professional has a conflict of interest. Another application (IA 392 of 2021) was filed by the suspended management supporting the continuation of the existing IRP.
Sintex Industries Ltd. is undergoing CIRP, initiated on 06.04.2021. The COC, holding a 90.71% voting share, resolved to replace the existing IRP with Mr. Shailendra Ajmera. The COC authorized the applicant with 99.94% to file the application for replacement. The suspended management of Sintex Industries Ltd. opposed the replacement, alleging a conflict of interest for the proposed RP. The suspended management also filed IA 392 of 2021 to support the continuation of the current IRP. The existing IRP stated they had conducted CIRP for 170 days and attracted 16 expressions of interest. The original financial creditor, Invesco Asset Management (India) Private Limited, had proposed the IRP. The CIRP timeline of 180 days is approaching.
Corporate D…
Committee of Creditors resolved to appoint…