The case involves an application under Section 9 of the Insolvency and Bankruptcy Code (IBC). The erstwhile Interim Resolution Professional (IRP) stated that an amount of Rs. 21.00 lacs, as directed in an order dated September 27, 2021, was paid by the Committee of Creditors (CoC). The issue in the application is limited to an amount approved by the CoC but not paid by the present Resolution Professional (RP) because the CoC had not approved/ratified it.
VE Commercial Vehicles Ltd filed an application against Eagle Corporation Pvt Ltd under Section 9 of the IBC. The erstwhile IRP stated that Rs. 21.00 lacs was paid by the CoC as per the order dated September 27, 2021. The current RP has not paid the amount, claiming the CoC did not approve/ratify it. A complaint is already filed before IBBI pending consideration. The issue is whether the RP is justified in withholding the payment approved by the CoC. The relevance of the facts lies in determining whether the RP's actions are in compliance with the IBC and whether the IBBI's intervention is necessary to resolve the dispute.
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An order was issued…
The present or…
The case involves an application under Section 9 of the Insolvency and Bankruptcy Code (IBC). The erstwhile Interim Resolution Professional (IRP) stated that an amount of Rs. 21.00 lacs, as directed in an order dated September 27, 2021, was paid by the Committee of Creditors (CoC). The issue in the application is limited to an amount approved by the CoC but not paid by the present Resolution Professional (RP) because the CoC had not approved/ratified it.
VE Commercial Vehicles Ltd filed an application against Eagle Corporation Pvt Ltd under Section 9 of the IBC. The erstwhile IRP stated that Rs. 21.00 lacs was paid by the CoC as per the order dated September 27, 2021. The current RP has not paid the amount, claiming the CoC did not approve/ratify it. A complaint is already filed before IBBI pending consideration. The issue is whether the RP is justified in withholding the payment approved by the CoC. The relevance of the facts lies in determining whether the RP's actions are in compliance with the IBC and whether the IBBI's intervention is necessary to resolve the dispute.
An order was issued…
The present or…