The case involves an application filed by Lotus Beauty Care Products Pvt. Ltd. against the Interim Resolution Professional (IRP) of Goli Vada Pav Private Limited, Mr. Vinod Radhakrishnan Nair, and Goli Vada Pav Private Limited itself. The applicant sought to set aside orders passed by the IRP and to be included in the Committee of Creditors (CoC) of Goli Vada Pav Private Limited. The IRP rejected the applicant's inclusion in the CoC, deeming them a related party to the Corporate Debtor, Goli Vada Pav Private Limited, under Section 5(24) of the Insolvency and Bankruptcy Code (IBC), 2016. The Corporate Debtor was admitted into CIRP on 05.09.2023 following a petition by an Operational Creditor under Section 9 of the IBC.
Lotus Beauty Care Products Pvt. Ltd. filed an application seeking to be included in the Committee of Creditors (CoC) of Goli Vada Pav Private Limited, a Corporate Debtor undergoing Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated on 05.09.2023 following a petition by an Operational Creditor. The Interim Resolution Professional (IRP) rejected Lotus Beauty Care's inclusion, arguing that it is a related party under Section 5(24) of the Insolvency and Bankruptcy Code (IBC), 2016. Lotus Beauty Care had extended an inter-corporate deposit of INR 1,50,00,000 to Goli Vada Pav Pvt. Ltd. under an agreement dated 05.12.2020. The IRP admitted the principal claim but denied CoC membership. Lotus Beauty Care is a partner in Clarion Health Food LLP, which holds
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Lotus Beauty Care Products Pvt. Ltd.…
Goli Vada Pav Private Limited was admitted into…
The case involves an application filed by Lotus Beauty Care Products Pvt. Ltd. against the Interim Resolution Professional (IRP) of Goli Vada Pav Private Limited, Mr. Vinod Radhakrishnan Nair, and Goli Vada Pav Private Limited itself. The applicant sought to set aside orders passed by the IRP and to be included in the Committee of Creditors (CoC) of Goli Vada Pav Private Limited. The IRP rejected the applicant's inclusion in the CoC, deeming them a related party to the Corporate Debtor, Goli Vada Pav Private Limited, under Section 5(24) of the Insolvency and Bankruptcy Code (IBC), 2016. The Corporate Debtor was admitted into CIRP on 05.09.2023 following a petition by an Operational Creditor under Section 9 of the IBC.
Lotus Beauty Care Products Pvt. Ltd. filed an application seeking to be included in the Committee of Creditors (CoC) of Goli Vada Pav Private Limited, a Corporate Debtor undergoing Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated on 05.09.2023 following a petition by an Operational Creditor. The Interim Resolution Professional (IRP) rejected Lotus Beauty Care's inclusion, arguing that it is a related party under Section 5(24) of the Insolvency and Bankruptcy Code (IBC), 2016. Lotus Beauty Care had extended an inter-corporate deposit of INR 1,50,00,000 to Goli Vada Pav Pvt. Ltd. under an agreement dated 05.12.2020. The IRP admitted the principal claim but denied CoC membership. Lotus Beauty Care is a partner in Clarion Health Food LLP, which holds
…Lotus Beauty Care Products Pvt. Ltd.…
Goli Vada Pav Private Limited was admitted into…