The case involves an application (I.A No. 1533/2020) filed by Union Bank of India, a constituent of the Committee of Creditors (CoC) of Sovika Aviation Services Pvt Ltd, under Section 22(3)(b) of the Insolvency and Bankruptcy Code. The application seeks to replace the Interim Resolution Professional (IRP), initially Mr. Jagdish Ahuja with Mr. Bijendra Kumar Jha, as the Resolution Professional (RP) of the Corporate Debtor. An earlier application by the Operational Creditor seeking withdrawal of CIRP was dismissed. The CoC was duly constituted on 08.08.2020.
Union Bank of India, as part of the Committee of Creditors (CoC) for Sovika Aviation Services Pvt Ltd, filed an application to replace the existing Interim Resolution Professional (IRP) Mr. Jagdish Ahuja with Mr. Bijendra Kumar Jha. An earlier application by the Operational Creditor to withdraw the Corporate Insolvency Resolution Process (CIRP) was dismissed. The CoC was constituted on 08.08.2020. The CoC, in its meeting on 02.09.2020, resolved to appoint Mr. Bijendra Kumar Jha as the RP with a 100% voting share. The applicant/CoC argued that the Adjudicating Authority has the power to review the CoC's decision regarding withdrawal of CIRP, citing NCLAT and Supreme Court judgments. The court considered the matter and the arguments presented by all parties involved.
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Order sheet…
The present Application…
The case involves an application (I.A No. 1533/2020) filed by Union Bank of India, a constituent of the Committee of Creditors (CoC) of Sovika Aviation Services Pvt Ltd, under Section 22(3)(b) of the Insolvency and Bankruptcy Code. The application seeks to replace the Interim Resolution Professional (IRP), initially Mr. Jagdish Ahuja with Mr. Bijendra Kumar Jha, as the Resolution Professional (RP) of the Corporate Debtor. An earlier application by the Operational Creditor seeking withdrawal of CIRP was dismissed. The CoC was duly constituted on 08.08.2020.
Union Bank of India, as part of the Committee of Creditors (CoC) for Sovika Aviation Services Pvt Ltd, filed an application to replace the existing Interim Resolution Professional (IRP) Mr. Jagdish Ahuja with Mr. Bijendra Kumar Jha. An earlier application by the Operational Creditor to withdraw the Corporate Insolvency Resolution Process (CIRP) was dismissed. The CoC was constituted on 08.08.2020. The CoC, in its meeting on 02.09.2020, resolved to appoint Mr. Bijendra Kumar Jha as the RP with a 100% voting share. The applicant/CoC argued that the Adjudicating Authority has the power to review the CoC's decision regarding withdrawal of CIRP, citing NCLAT and Supreme Court judgments. The court considered the matter and the arguments presented by all parties involved.
Order sheet…
The present Application…