The case involves an application (IA/1173/ND/2022) moved on behalf of Mr. Rahul Khanna, the IRP appointed in IB/2693/ND/2019, where CIRP proceedings were initiated against M/s India Sport Flashes Pvt Ltd. It appears that CIRP proceedings were already initiated against the same Corporate Debtor (India Sport Flashes Pvt Ltd) in another application (IB/460/ND/2020) filed by K.DH Travels Pvt. Ltd. Two IRPs were appointed for the same Corporate Debtor. The court noted that since CIRP proceedings were already initiated, there was no need to appoint another IRP.
CIRP proceedings were initiated against M/s India Sport Flashes Pvt Ltd under IB/2693/ND/2019, and Mr. Rahul Khanna was appointed as the IRP. Subsequently, it was discovered that CIRP proceedings had already been initiated against the same Corporate Debtor under IB/460/ND/2020, filed by K.DH Travels Pvt. Ltd. This resulted in the appointment of two IRPs for the same Corporate Debtor. Mr. Prabhat Ranjan Singh was later appointed as IRP on the request of the CoC. The court noted the duplication and the fact that CIRP proceedings were already in progress. The key fact is the existence of two parallel CIRP processes for the same corporate debtor, which is legally problematic.
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CIRP proceedings were ordered to be initiated…
Earlier vide order date 11.08.2021 CIRP…
The case involves an application (IA/1173/ND/2022) moved on behalf of Mr. Rahul Khanna, the IRP appointed in IB/2693/ND/2019, where CIRP proceedings were initiated against M/s India Sport Flashes Pvt Ltd. It appears that CIRP proceedings were already initiated against the same Corporate Debtor (India Sport Flashes Pvt Ltd) in another application (IB/460/ND/2020) filed by K.DH Travels Pvt. Ltd. Two IRPs were appointed for the same Corporate Debtor. The court noted that since CIRP proceedings were already initiated, there was no need to appoint another IRP.
CIRP proceedings were initiated against M/s India Sport Flashes Pvt Ltd under IB/2693/ND/2019, and Mr. Rahul Khanna was appointed as the IRP. Subsequently, it was discovered that CIRP proceedings had already been initiated against the same Corporate Debtor under IB/460/ND/2020, filed by K.DH Travels Pvt. Ltd. This resulted in the appointment of two IRPs for the same Corporate Debtor. Mr. Prabhat Ranjan Singh was later appointed as IRP on the request of the CoC. The court noted the duplication and the fact that CIRP proceedings were already in progress. The key fact is the existence of two parallel CIRP processes for the same corporate debtor, which is legally problematic.
CIRP proceedings were ordered to be initiated…
Earlier vide order date 11.08.2021 CIRP…