The case involves an application filed by Mr. Hazari Lal Saini, the Interim Resolution Professional (IRP) of Herodex Power Systems Private Limited, under Regulation 33 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The IRP sought directions for the CoC to approve and pay his fees, confirm him as the RP, and ensure that financial creditors are represented by authorized personnel in CoC meetings. The Corporate Debtor was admitted into CIRP on 2019-09-09, and the applicant was appointed as the IRP. The CoC was formed on 2019-11-05, consisting of Canara Bank as the sole member with 100% voting share.
Herodex Power Systems Private Limited was admitted into Corporate Insolvency Resolution Process (CIRP) on 2019-09-09. Mr. Hazari Lal Saini was appointed as the Interim Resolution Professional (IRP). A Committee of Creditors (CoC) was formed on 2019-11-05, with Canara Bank as the sole member holding 100% voting share. The IRP requested the ex-management of the Corporate Debtor to handover information and cooperate with the CIRP. The IRP visited the factory premises of the Corporate Debtor to take possession and conduct verification of fixed assets. The IRP conducted five CoC meetings. The CoC initially deferred voting on the IRP's proposed fee of Rs. 2,50,000 per month but later approved Rs. 1,50,000 per month. The CoC subsequently offered the IRP a monthly remuneration
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Herodex Power Systems Private Limited was…
Mr. Hazari Lal Saini…
The case involves an application filed by Mr. Hazari Lal Saini, the Interim Resolution Professional (IRP) of Herodex Power Systems Private Limited, under Regulation 33 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The IRP sought directions for the CoC to approve and pay his fees, confirm him as the RP, and ensure that financial creditors are represented by authorized personnel in CoC meetings. The Corporate Debtor was admitted into CIRP on 2019-09-09, and the applicant was appointed as the IRP. The CoC was formed on 2019-11-05, consisting of Canara Bank as the sole member with 100% voting share.
Herodex Power Systems Private Limited was admitted into Corporate Insolvency Resolution Process (CIRP) on 2019-09-09. Mr. Hazari Lal Saini was appointed as the Interim Resolution Professional (IRP). A Committee of Creditors (CoC) was formed on 2019-11-05, with Canara Bank as the sole member holding 100% voting share. The IRP requested the ex-management of the Corporate Debtor to handover information and cooperate with the CIRP. The IRP visited the factory premises of the Corporate Debtor to take possession and conduct verification of fixed assets. The IRP conducted five CoC meetings. The CoC initially deferred voting on the IRP's proposed fee of Rs. 2,50,000 per month but later approved Rs. 1,50,000 per month. The CoC subsequently offered the IRP a monthly remuneration
…Herodex Power Systems Private Limited was…
Mr. Hazari Lal Saini…