The case involves an application filed by Kesoram Industries Limited against Pratim Bayal, the Resolution Professional (RP) of Birla Tyres Limited, which is undergoing Corporate Insolvency Resolution Process (CIRP). Kesoram Industries, claiming to be a financial creditor, sought the tribunal's intervention after the RP rejected their claim. The applicant's claim was initially admitted but later rejected by the RP due to a lack of supporting documents and verification. The applicant contends that once a claim is admitted, the RP cannot re-verify it.
Birla Tyres Limited is undergoing Corporate Insolvency Resolution Process (CIRP). Initially, Mr. Seikh Abdul Salam was appointed as the Interim Resolution Professional (IRP), who admitted a claim from Kesoram Industries Limited for Rs. 5,16,39,06,248/- as an unsecured financial creditor. Later, Mr. Pratim Bayal replaced Mr. Salam as the Resolution Professional (RP). The RP sought additional information from Kesoram Industries regarding their claim, which was based on an alleged 'Inter-Company Loan'. Kesoram Industries provided a 'Balance Confirmation' from Birla Tyres, but the RP found it insufficient as it lacked supporting documents proving the disbursement of funds. The RP then rejected Kesoram Industries' claim, leading to the current application by Kesoram
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Corporate Resolution Insolvency Process (CIRP)…
The case involves an application filed by Kesoram Industries Limited against Pratim Bayal, the Resolution Professional (RP) of Birla Tyres Limited, which is undergoing Corporate Insolvency Resolution Process (CIRP). Kesoram Industries, claiming to be a financial creditor, sought the tribunal's intervention after the RP rejected their claim. The applicant's claim was initially admitted but later rejected by the RP due to a lack of supporting documents and verification. The applicant contends that once a claim is admitted, the RP cannot re-verify it.
Birla Tyres Limited is undergoing Corporate Insolvency Resolution Process (CIRP). Initially, Mr. Seikh Abdul Salam was appointed as the Interim Resolution Professional (IRP), who admitted a claim from Kesoram Industries Limited for Rs. 5,16,39,06,248/- as an unsecured financial creditor. Later, Mr. Pratim Bayal replaced Mr. Salam as the Resolution Professional (RP). The RP sought additional information from Kesoram Industries regarding their claim, which was based on an alleged 'Inter-Company Loan'. Kesoram Industries provided a 'Balance Confirmation' from Birla Tyres, but the RP found it insufficient as it lacked supporting documents proving the disbursement of funds. The RP then rejected Kesoram Industries' claim, leading to the current application by Kesoram
…The case is related to…
Corporate Resolution Insolvency Process (CIRP)…