The case involves a resolution plan for M/s Ceasan Glass Private Limited, a corporate debtor undergoing Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated on 24.12.2021. The resolution plan was submitted by M/s Omega Glass Private Limited. The suspended director, Mr. Ch. V.N. Raghurama Gupta, filed an application (IA(IBC)/133/2023) seeking to implead himself in the resolution plan application (IA(IBC)/399/2022), alleging bias by the Committee of Creditors (CoC) and improprieties in the selection of the resolution applicant. The CoC, primarily consisting of DBS Bank, is accused of favoring a pre-determined resolution applicant, M/s. Emerge Glass India Pvt. Ltd. The suspended director also challenged the inclusion of personal guarantee land as
…M/s Ceasan Glass Private Limited is a corporate debtor undergoing CIRP, initiated on 24.12.2021. Mr. Gonugunta Murali is the Interim Resolution Professional (IRP). Mr. Ch. V.N. Raghurama Gupta, the suspended director, filed IA(IBC)/133/2023 seeking to implead himself in the resolution plan application IA(IBC)/399/2022. The CoC, primarily DBS Bank, is alleged to have acted in a biased manner, favoring M/s. Emerge Glass India Pvt. Ltd as the resolution applicant. The suspended director claims the CoC disregarded a higher offer from him and improperly included personal guarantee land as assigned debt in the resolution plan. The IRP issued Form G on 09.03.2022, inviting Expression of Interest (EoI). The CoC approved the resolution plan with 100% voting rights. The
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The case involves a resolution plan for M/s Ceasan Glass Private Limited, a corporate debtor undergoing Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated on 24.12.2021. The resolution plan was submitted by M/s Omega Glass Private Limited. The suspended director, Mr. Ch. V.N. Raghurama Gupta, filed an application (IA(IBC)/133/2023) seeking to implead himself in the resolution plan application (IA(IBC)/399/2022), alleging bias by the Committee of Creditors (CoC) and improprieties in the selection of the resolution applicant. The CoC, primarily consisting of DBS Bank, is accused of favoring a pre-determined resolution applicant, M/s. Emerge Glass India Pvt. Ltd. The suspended director also challenged the inclusion of personal guarantee land as
…M/s Ceasan Glass Private Limited is a corporate debtor undergoing CIRP, initiated on 24.12.2021. Mr. Gonugunta Murali is the Interim Resolution Professional (IRP). Mr. Ch. V.N. Raghurama Gupta, the suspended director, filed IA(IBC)/133/2023 seeking to implead himself in the resolution plan application IA(IBC)/399/2022. The CoC, primarily DBS Bank, is alleged to have acted in a biased manner, favoring M/s. Emerge Glass India Pvt. Ltd as the resolution applicant. The suspended director claims the CoC disregarded a higher offer from him and improperly included personal guarantee land as assigned debt in the resolution plan. The IRP issued Form G on 09.03.2022, inviting Expression of Interest (EoI). The CoC approved the resolution plan with 100% voting rights. The
…Corporate Insolvency Resolution Process (CIRP)…
Mr. Gonugunta Murali…
Sign in to view related legal provisions.