The case involves an application filed by the suspended directors of the Corporate Debtor, M/s. Calchem Industries (India) Limited, under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, against the Resolution Professional (RP), Ritesh Prakash Adatiya. The applicants sought to quash the approval of the resolution plan of Sadhana Nitro Chem Limited by the Committee of Creditors (CoC), direct the RP to provide all relevant documents, and restrain the RP from taking further steps in relation to the approval of the resolution plan. The applicants contended that they were not given proper notice of the CoC meetings and were denied the opportunity to participate effectively in the resolution process, which is against the principles of the IBC.
The applicants, Amir Dodhia, Zulekha Dodhia, and Hamida Dodhia, are the suspended directors of M/s. Calchem Industries (India) Limited, the Corporate Debtor. They filed an application against Ritesh Prakash Adatiya, the Resolution Professional (RP), challenging the approval of a resolution plan by the Committee of Creditors (CoC). The applicants received an email on 14.10.2020, informing them of the 9th CoC meeting held on 13.10.2020, where the resolution plan was approved with 100% voting. The applicants were not invited to this meeting. They claim that they were also not provided with details of the 8th CoC meeting held on 21.09.2020, until after it had concluded. The applicants contend that Bank of Baroda is the sole CoC member and that the Corporate Debtor had
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Insolvency Resolution Process commenced against…
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The case involves an application filed by the suspended directors of the Corporate Debtor, M/s. Calchem Industries (India) Limited, under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, against the Resolution Professional (RP), Ritesh Prakash Adatiya. The applicants sought to quash the approval of the resolution plan of Sadhana Nitro Chem Limited by the Committee of Creditors (CoC), direct the RP to provide all relevant documents, and restrain the RP from taking further steps in relation to the approval of the resolution plan. The applicants contended that they were not given proper notice of the CoC meetings and were denied the opportunity to participate effectively in the resolution process, which is against the principles of the IBC.
The applicants, Amir Dodhia, Zulekha Dodhia, and Hamida Dodhia, are the suspended directors of M/s. Calchem Industries (India) Limited, the Corporate Debtor. They filed an application against Ritesh Prakash Adatiya, the Resolution Professional (RP), challenging the approval of a resolution plan by the Committee of Creditors (CoC). The applicants received an email on 14.10.2020, informing them of the 9th CoC meeting held on 13.10.2020, where the resolution plan was approved with 100% voting. The applicants were not invited to this meeting. They claim that they were also not provided with details of the 8th CoC meeting held on 21.09.2020, until after it had concluded. The applicants contend that Bank of Baroda is the sole CoC member and that the Corporate Debtor had
…Insolvency Resolution Process commenced against…
Applicants claim they were not provided with…