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 (RP), Mr. Subrata Maity. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on 03.09.2019. The Committee of Creditors (CoC) resolved to initiate liquidation, and an application for approval of liquidation was filed. An interim order was passed by the Insolvency and Bankruptcy Board of India (IBBI) against Mr. Subrata Maity, suspending his registration as an Insolvency Professional.
Bank of Maharashtra, as the sole financial creditor, filed an application to replace the existing Resolution Professional (RP), Mr. Subrata Maity, for Automotive Coaches and Components Limited. The Corporate Debtor had been admitted into Corporate Insolvency Resolution Process (CIRP) on 03.09.2019. The Committee of Creditors (CoC) had resolved to initiate liquidation. The IBBI passed an interim order on 09.05.2022, suspending Mr. Subrata Maity's registration as an Insolvency Professional due to serious allegations and an ongoing CBI investigation. The IBBI's interim order was set to lapse after 90 days. The applicant argued that a new RP was needed to continue the CIRP process effectively. The court noted that the interim order would lapse on 08.08.2022. The
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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 (RP), Mr. Subrata Maity. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on 03.09.2019. The Committee of Creditors (CoC) resolved to initiate liquidation, and an application for approval of liquidation was filed. An interim order was passed by the Insolvency and Bankruptcy Board of India (IBBI) against Mr. Subrata Maity, suspending his registration as an Insolvency Professional.
Bank of Maharashtra, as the sole financial creditor, filed an application to replace the existing Resolution Professional (RP), Mr. Subrata Maity, for Automotive Coaches and Components Limited. The Corporate Debtor had been admitted into Corporate Insolvency Resolution Process (CIRP) on 03.09.2019. The Committee of Creditors (CoC) had resolved to initiate liquidation. The IBBI passed an interim order on 09.05.2022, suspending Mr. Subrata Maity's registration as an Insolvency Professional due to serious allegations and an ongoing CBI investigation. The IBBI's interim order was set to lapse after 90 days. The applicant argued that a new RP was needed to continue the CIRP process effectively. The court noted that the interim order would lapse on 08.08.2022. The
…Automotive Coaches and Components Limited…
Mr. Subrata M. Maity…