The application IA/1173/ND/2022 was moved to address the issue of multiple Interim Resolution Professionals (IRPs) being appointed for the same Corporate Debtor in different CIRP proceedings.
IA/1173/ND/2022 was filed on behalf of Mr. Rahul Khanna, who was appointed as the Interim Resolution Professional (IRP) in IB/2693/ND/2019 . This proceeding led to the initiation of Corporate Insolvency Resolution Process (CIRP) against M/s India Sport Flashes Pvt Ltd via an order dated September 16, 2021. This application sought to clarify the IRP's role given prior appointments. Earlier, on August 11, 2021, CIRP proceedings were initiated against the same Corporate Debtor, M/s India Sport Flashes Pvt Ltd, in an application filed by K.DH Travels Pvt. Ltd. under IB/460/ND/2020 . This resulted in two different IRPs being appointed for the same Corporate Debtor, creating a conflict and administrative inefficiency in the ongoing insolvency process. The tribunal noted that
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CIRP proceedings were ordered to be initiated…
CIRP proceedings were ordered to be initiated…
The application IA/1173/ND/2022 was moved to address the issue of multiple Interim Resolution Professionals (IRPs) being appointed for the same Corporate Debtor in different CIRP proceedings.
IA/1173/ND/2022 was filed on behalf of Mr. Rahul Khanna, who was appointed as the Interim Resolution Professional (IRP) in IB/2693/ND/2019 . This proceeding led to the initiation of Corporate Insolvency Resolution Process (CIRP) against M/s India Sport Flashes Pvt Ltd via an order dated September 16, 2021. This application sought to clarify the IRP's role given prior appointments. Earlier, on August 11, 2021, CIRP proceedings were initiated against the same Corporate Debtor, M/s India Sport Flashes Pvt Ltd, in an application filed by K.DH Travels Pvt. Ltd. under IB/460/ND/2020 . This resulted in two different IRPs being appointed for the same Corporate Debtor, creating a conflict and administrative inefficiency in the ongoing insolvency process. The tribunal noted that
…CIRP proceedings were ordered to be initiated…
CIRP proceedings were ordered to be initiated…