The application CA-1003(PB)/2019 was filed under Section 22(3)(b) of the Insolvency & Bankruptcy Code, 2016, seeking the appointment of Mr. Sudarshan Gupta as the Resolution Professional, replacing Mr. Vijender Sharma. The Committee of Creditors (CoC) passed a resolution on 2019-05-01 (agenda Item No. B-1) to this effect. The CoC did not approve the continuation of Mr. Vijender Sharma, with 93.42% voting share against his continuation. Mr. Sudarshan Gupta was approved as the Resolution Professional with a professional fee of Rs. 4,00,000/- per month, supported by 78.11% voting share, meeting the required threshold of 66%.
ICICI Bank Ltd. filed an application to replace the existing Interim Resolution Professional (IRP), Mr. Vijender Sharma, with Mr. Sudarshan Gupta. The application was made under Section 22(3)(b) of the Insolvency & Bankruptcy Code, 2016. The Committee of Creditors (CoC) had resolved on 2019-05-01 to replace Mr. Sharma. The CoC's decision to replace Mr. Sharma was supported by a 93.42% voting share. Mr. Gupta's appointment was approved with a 78.11% voting share, and his professional fees were set at Rs. 4,00,000 per month. The earlier IRP, Mr. Vijender Sharma, raised no objection to the appointment of Mr. Gupta. However, there were adverse remarks made against Mr. Sharma in the application. The counsel for the CoC withdrew these adverse remarks. The CoC was ordered
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The Committee of Creditors passed a resolution…
The order was delivered on 2019-05-31,…
The application CA-1003(PB)/2019 was filed under Section 22(3)(b) of the Insolvency & Bankruptcy Code, 2016, seeking the appointment of Mr. Sudarshan Gupta as the Resolution Professional, replacing Mr. Vijender Sharma. The Committee of Creditors (CoC) passed a resolution on 2019-05-01 (agenda Item No. B-1) to this effect. The CoC did not approve the continuation of Mr. Vijender Sharma, with 93.42% voting share against his continuation. Mr. Sudarshan Gupta was approved as the Resolution Professional with a professional fee of Rs. 4,00,000/- per month, supported by 78.11% voting share, meeting the required threshold of 66%.
ICICI Bank Ltd. filed an application to replace the existing Interim Resolution Professional (IRP), Mr. Vijender Sharma, with Mr. Sudarshan Gupta. The application was made under Section 22(3)(b) of the Insolvency & Bankruptcy Code, 2016. The Committee of Creditors (CoC) had resolved on 2019-05-01 to replace Mr. Sharma. The CoC's decision to replace Mr. Sharma was supported by a 93.42% voting share. Mr. Gupta's appointment was approved with a 78.11% voting share, and his professional fees were set at Rs. 4,00,000 per month. The earlier IRP, Mr. Vijender Sharma, raised no objection to the appointment of Mr. Gupta. However, there were adverse remarks made against Mr. Sharma in the application. The counsel for the CoC withdrew these adverse remarks. The CoC was ordered
…The Committee of Creditors passed a resolution…
The order was delivered on 2019-05-31,…