The case involves an application filed by Bank of Maharashtra, the sole financial creditor of Automotive Coaches and Components Limited, seeking the replacement of the existing Resolution Professional, Mr. Subrata Maity, with Mr. Avil Jerome Menezes as the Liquidator of the Corporate Debtor. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on 03.09.2019. An interim order was passed by the Insolvency and Bankruptcy Board of India (IBBI) against Mr. Subrata Monindranath Maity on 09.05.2022, suspending his registration as an Insolvency Professional.
Bank of Maharashtra, the sole financial creditor of Automotive Coaches & Components Ltd, filed an application to replace the existing Resolution Professional, Mr. Subrata Maity, with Mr. Avil Jerome Menezes as the Liquidator. Automotive Coaches & Components Ltd was admitted into Corporate Insolvency Resolution Process (CIRP) on 03.09.2019. The Committee of Creditors had resolved to initiate liquidation. The IBBI passed an interim order on 09.05.2022, suspending Mr. Subrata Monindranath Maity due to serious allegations and an ongoing CBI investigation. The Learned Counsel for the Applicant relied on the IBBI's interim order to justify the replacement of Mr. Maity. The preparation of the stakeholders list was still pending. The court observed that the IBBI's
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Automotive Coaches and Components Limited…
Mr. Subrata M. Maity…
The case involves an application filed by Bank of Maharashtra, the sole financial creditor of Automotive Coaches and Components Limited, seeking the replacement of the existing Resolution Professional, Mr. Subrata Maity, with Mr. Avil Jerome Menezes as the Liquidator of the Corporate Debtor. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on 03.09.2019. An interim order was passed by the Insolvency and Bankruptcy Board of India (IBBI) against Mr. Subrata Monindranath Maity on 09.05.2022, suspending his registration as an Insolvency Professional.
Bank of Maharashtra, the sole financial creditor of Automotive Coaches & Components Ltd, filed an application to replace the existing Resolution Professional, Mr. Subrata Maity, with Mr. Avil Jerome Menezes as the Liquidator. Automotive Coaches & Components Ltd was admitted into Corporate Insolvency Resolution Process (CIRP) on 03.09.2019. The Committee of Creditors had resolved to initiate liquidation. The IBBI passed an interim order on 09.05.2022, suspending Mr. Subrata Monindranath Maity due to serious allegations and an ongoing CBI investigation. The Learned Counsel for the Applicant relied on the IBBI's interim order to justify the replacement of Mr. Maity. The preparation of the stakeholders list was still pending. The court observed that the IBBI's
…Automotive Coaches and Components Limited…
Mr. Subrata M. Maity…