The case involves a corporate insolvency resolution process initiated under Section 7 of the Insolvency and Bankruptcy Code, 2016. Reliance Commercial Finance Ltd. filed the petition against Ved Cellulose Ltd. The Interim Resolution Professional (IRP) submitted a report on the corporate insolvency resolution process along with a Resolution Plan. Objections were raised by the Bank of India, a financial creditor, regarding irregularities in the public announcement and the constitution of the Committee of Creditors (CoC). The Bank of India was not included in the CoC, and the IRP's tenure was questioned.
Reliance Commercial Finance Ltd. initiated a corporate insolvency resolution process against Ved Cellulose Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Interim Resolution Professional (IRP) filed a report and a Resolution Plan. The Bank of India, a financial creditor, raised objections, claiming irregularities in the public announcement and the constitution of the Committee of Creditors (CoC). The Bank of India argued that the IRP failed to include them in the CoC and that the public announcement was not made within the required timeframe. The IRP's tenure was also questioned, with the Bank of India arguing that it had expired. The Corporate Debtor had proposed a resolution plan involving payment of defaulted amounts through post-dated cheques.
…Sign in to view the parties.
The petition for corporate insolvency…
The Bank of India argued that the tenure of the…
The case involves a corporate insolvency resolution process initiated under Section 7 of the Insolvency and Bankruptcy Code, 2016. Reliance Commercial Finance Ltd. filed the petition against Ved Cellulose Ltd. The Interim Resolution Professional (IRP) submitted a report on the corporate insolvency resolution process along with a Resolution Plan. Objections were raised by the Bank of India, a financial creditor, regarding irregularities in the public announcement and the constitution of the Committee of Creditors (CoC). The Bank of India was not included in the CoC, and the IRP's tenure was questioned.
Reliance Commercial Finance Ltd. initiated a corporate insolvency resolution process against Ved Cellulose Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Interim Resolution Professional (IRP) filed a report and a Resolution Plan. The Bank of India, a financial creditor, raised objections, claiming irregularities in the public announcement and the constitution of the Committee of Creditors (CoC). The Bank of India argued that the IRP failed to include them in the CoC and that the public announcement was not made within the required timeframe. The IRP's tenure was also questioned, with the Bank of India arguing that it had expired. The Corporate Debtor had proposed a resolution plan involving payment of defaulted amounts through post-dated cheques.
…The petition for corporate insolvency…
The Bank of India argued that the tenure of the…