The case involves an application (IA No. 352/JPR/2023) filed by the Resolution Professional (RP) of M/s Autopal Industries Limited ('Corporate Debtor') under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 ('IBC') read with Regulations 31 and 34 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 ('CIRP Regulations'). The application seeks payment/contributions towards the unpaid Interim Resolution Professional (IRP) costs and expenses from the respondents, namely Reliance Commercial Finance Limited, Paisalo Digital Limited, and the legal heir of Late Sh. Bhagwant Das Solanki. The CIRP was initiated following an application filed by M/s Tack Innovations ('Operational Creditor') under Section
…M/s Tack Innovations initiated CIRP against M/s Autopal Industries Limited, leading to the appointment of Ajay Gupta as the Interim Resolution Professional (IRP) on 16.08.2022. A public announcement was made on 28.08.2022, inviting creditors to submit their claims. Initially, only Reliance Commercial Finance Limited and Bhagwant Singh Solanki (later represented by legal heirs) submitted claims, forming the Committee of Creditors (CoC). Ajay Gupta was appointed as the Resolution Professional (RP) in the first CoC meeting on 24.09.2022. Paisalo Digital Limited later submitted a claim. The RP categorized Reliance and Paisalo as 'Other Creditors' due to their claims being based on an Arbitral Award, but the Adjudicating Authority directed them to be included as Financial
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Mr. Ajay Gupta…
The case involves an application (IA No. 352/JPR/2023) filed by the Resolution Professional (RP) of M/s Autopal Industries Limited ('Corporate Debtor') under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 ('IBC') read with Regulations 31 and 34 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 ('CIRP Regulations'). The application seeks payment/contributions towards the unpaid Interim Resolution Professional (IRP) costs and expenses from the respondents, namely Reliance Commercial Finance Limited, Paisalo Digital Limited, and the legal heir of Late Sh. Bhagwant Das Solanki. The CIRP was initiated following an application filed by M/s Tack Innovations ('Operational Creditor') under Section
…M/s Tack Innovations initiated CIRP against M/s Autopal Industries Limited, leading to the appointment of Ajay Gupta as the Interim Resolution Professional (IRP) on 16.08.2022. A public announcement was made on 28.08.2022, inviting creditors to submit their claims. Initially, only Reliance Commercial Finance Limited and Bhagwant Singh Solanki (later represented by legal heirs) submitted claims, forming the Committee of Creditors (CoC). Ajay Gupta was appointed as the Resolution Professional (RP) in the first CoC meeting on 24.09.2022. Paisalo Digital Limited later submitted a claim. The RP categorized Reliance and Paisalo as 'Other Creditors' due to their claims being based on an Arbitral Award, but the Adjudicating Authority directed them to be included as Financial
…Related to th…
Mr. Ajay Gupta…