The case involves an application filed by the Insolvency Resolution Professional (IRP) seeking directions from the National Company Law Tribunal (NCLT). The order admitting the Corporate Debtor into the Corporate Insolvency Resolution Process (CIRP) was passed on June 21, 2024. However, the authorization for assignment (AFA) of the initial IRP was suspended on December 4, 2023. Consequently, the IRP filed the present application based on instructions from the Committee of Creditors (CoC) for a replacement.
The Central Bank of India initiated a CIRP against Sumatichand Gouti Jewellers Private Limited. The CIRP was admitted on 2024-06-21. The AFA of the initial Insolvency Resolution Professional (IRP) was suspended on 2023-12-04. The IRP filed an application (I.A. 3670/2024) seeking directions from the NCLT regarding the steps to be taken. The Committee of Creditors (CoC) held a meeting on 2024-08-03 and resolved to pay the initial IRP Rs. 3 lakhs per month and appoint M/s Renascence Insolvency Resolution Professionals Private Limited as the new Resolution Professional. The CoC consists of Union Bank of India, Bank of India, and Central Bank of India, and the resolutions were approved with 100% voting. The application was filed under Section 7 of the IBC, 2016.
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The authorization for assignment (AFA) of the…
The order admitting the Corporate Debtor into…
The case involves an application filed by the Insolvency Resolution Professional (IRP) seeking directions from the National Company Law Tribunal (NCLT). The order admitting the Corporate Debtor into the Corporate Insolvency Resolution Process (CIRP) was passed on June 21, 2024. However, the authorization for assignment (AFA) of the initial IRP was suspended on December 4, 2023. Consequently, the IRP filed the present application based on instructions from the Committee of Creditors (CoC) for a replacement.
The Central Bank of India initiated a CIRP against Sumatichand Gouti Jewellers Private Limited. The CIRP was admitted on 2024-06-21. The AFA of the initial Insolvency Resolution Professional (IRP) was suspended on 2023-12-04. The IRP filed an application (I.A. 3670/2024) seeking directions from the NCLT regarding the steps to be taken. The Committee of Creditors (CoC) held a meeting on 2024-08-03 and resolved to pay the initial IRP Rs. 3 lakhs per month and appoint M/s Renascence Insolvency Resolution Professionals Private Limited as the new Resolution Professional. The CoC consists of Union Bank of India, Bank of India, and Central Bank of India, and the resolutions were approved with 100% voting. The application was filed under Section 7 of the IBC, 2016.
The authorization for assignment (AFA) of the…
The order admitting the Corporate Debtor into…