The case involves an application to change the Interim Resolution Professional (IRP) in the Corporate Insolvency Resolution Process (CIRP) of Sixth Dimensions Project Solution Limited. The Committee of Creditors (COC), primarily Axis Bank, sought to replace the existing IRP, Mr. S. Gopalakrishnan, with Mr. Santanu T Ray. The application was filed due to alleged failures by the IRP in performing his duties, including improper verification of claims, failure to collate information, and issuing detrimental instructions regarding rent receivables. The Adjudicating Authority (NCLT) noted serious fraudulent activities by the Directors/Promoters of the Corporate Debtor and its group companies, which are under CBI investigation.
Ms. Rama Subramaniam, an Operational Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Sixth Dimensions Project Solution Limited. The Committee of Creditors (COC), primarily Axis Bank, sought to replace the Interim Resolution Professional (IRP), Mr. S. Gopalakrishnan, with Mr. Santanu T Ray. The COC alleged that the IRP failed to properly verify claims, collate information, and protect the Corporate Debtor's assets. Specifically, the IRP was accused of accepting claims with interest, failing to locate financial creditor information in the Corporate Debtor's balance sheet, and issuing a letter to a licensee instructing them to stop paying rent to the Corporate Debtor. The Adjudicating Authority (NCLT) observed serious fraudulent activities by
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The Committee of Creditors (COC) resolved to…
A small communication dated 15th November 2018…
The case involves an application to change the Interim Resolution Professional (IRP) in the Corporate Insolvency Resolution Process (CIRP) of Sixth Dimensions Project Solution Limited. The Committee of Creditors (COC), primarily Axis Bank, sought to replace the existing IRP, Mr. S. Gopalakrishnan, with Mr. Santanu T Ray. The application was filed due to alleged failures by the IRP in performing his duties, including improper verification of claims, failure to collate information, and issuing detrimental instructions regarding rent receivables. The Adjudicating Authority (NCLT) noted serious fraudulent activities by the Directors/Promoters of the Corporate Debtor and its group companies, which are under CBI investigation.
Ms. Rama Subramaniam, an Operational Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Sixth Dimensions Project Solution Limited. The Committee of Creditors (COC), primarily Axis Bank, sought to replace the Interim Resolution Professional (IRP), Mr. S. Gopalakrishnan, with Mr. Santanu T Ray. The COC alleged that the IRP failed to properly verify claims, collate information, and protect the Corporate Debtor's assets. Specifically, the IRP was accused of accepting claims with interest, failing to locate financial creditor information in the Corporate Debtor's balance sheet, and issuing a letter to a licensee instructing them to stop paying rent to the Corporate Debtor. The Adjudicating Authority (NCLT) observed serious fraudulent activities by
…The Committee of Creditors (COC) resolved to…
A small communication dated 15th November 2018…