The document pertains to an application filed by the Committee of Creditors (CoC)/Applicant for the correction of mistakes in paragraphs 14 and 25 of the order passed by the Principal Bench on April 30, 2020. The order relates to the Corporate Insolvency Resolution Process (CIRP) of Uttam Galva Metallics Limited and Uttam Value Steel Limited. The corrections concern the roles and responsibilities of the Resolution Professional and the constitution of a monitoring committee after the Effective Date of the Resolution Plan.
The Committee of Creditors (CoC) filed an application seeking correction of mistakes in paragraphs 14 and 25 of the Principal Bench's order dated April 30, 2020. The original order pertained to the Corporate Insolvency Resolution Process (CIRP) of Uttam Galva Metallics Limited and Uttam Value Steel Limited. Paragraph 14 and 25 of the order contained ambiguities regarding the role of the Resolution Professional and the constitution of the monitoring committee after the Effective Date (the date on which the Adjudicating Authority approves the Resolution Plan). The application aimed to clarify that the Resolution Professional would cease to be involved in the management and affairs of the Corporate Debtor after the Effective Date, and a monitoring committee would be
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The document pertains to an application filed by the Committee of Creditors (CoC)/Applicant for the correction of mistakes in paragraphs 14 and 25 of the order passed by the Principal Bench on April 30, 2020. The order relates to the Corporate Insolvency Resolution Process (CIRP) of Uttam Galva Metallics Limited and Uttam Value Steel Limited. The corrections concern the roles and responsibilities of the Resolution Professional and the constitution of a monitoring committee after the Effective Date of the Resolution Plan.
The Committee of Creditors (CoC) filed an application seeking correction of mistakes in paragraphs 14 and 25 of the Principal Bench's order dated April 30, 2020. The original order pertained to the Corporate Insolvency Resolution Process (CIRP) of Uttam Galva Metallics Limited and Uttam Value Steel Limited. Paragraph 14 and 25 of the order contained ambiguities regarding the role of the Resolution Professional and the constitution of the monitoring committee after the Effective Date (the date on which the Adjudicating Authority approves the Resolution Plan). The application aimed to clarify that the Resolution Professional would cease to be involved in the management and affairs of the Corporate Debtor after the Effective Date, and a monitoring committee would be
…Principal Bench passed…
Hearing held on the…
Sign in to view related legal provisions.