The case pertains to TP 230 of 2019 [CP(IB) 192 of 2017] under Section 7 of the Insolvency and Bankruptcy Code (IBC). Daimler Financial Services Pvt Ltd filed an application against JSM Devcons India Pvt Ltd. The Resolution Professional (RP) has not appeared despite a previous order dated 19.01.2023, which the Adjudicating Authority finds appalling. The court is considering the replacement of the RP and the matter is referred to IBBI.
Daimler Financial Services Pvt Ltd initiated proceedings against JSM Devcons India Pvt Ltd under Section 7 of the IBC. The Resolution Professional (RP) failed to appear before the Adjudicating Authority despite a prior order dated 19.01.2023. The counsel for the Financial Creditors (AR) alleged that the RP absconded and embezzled the Earnest Money Deposit (EMD) submitted by the Proposed Resolution Applicant. The Committee of Creditors (CoC) is at liberty to pass a resolution regarding the replacement of the RP. The court noted the peculiar situation where the IP suggested by the CoC could be appointed as RP, but he is not discharging his function and is also not represented before the Adjudicating Authority. The court deemed it appropriate to refer the matter to the
…Sign in to view the parties.
Adjudicating Authority…
Order delivered…
The case pertains to TP 230 of 2019 [CP(IB) 192 of 2017] under Section 7 of the Insolvency and Bankruptcy Code (IBC). Daimler Financial Services Pvt Ltd filed an application against JSM Devcons India Pvt Ltd. The Resolution Professional (RP) has not appeared despite a previous order dated 19.01.2023, which the Adjudicating Authority finds appalling. The court is considering the replacement of the RP and the matter is referred to IBBI.
Daimler Financial Services Pvt Ltd initiated proceedings against JSM Devcons India Pvt Ltd under Section 7 of the IBC. The Resolution Professional (RP) failed to appear before the Adjudicating Authority despite a prior order dated 19.01.2023. The counsel for the Financial Creditors (AR) alleged that the RP absconded and embezzled the Earnest Money Deposit (EMD) submitted by the Proposed Resolution Applicant. The Committee of Creditors (CoC) is at liberty to pass a resolution regarding the replacement of the RP. The court noted the peculiar situation where the IP suggested by the CoC could be appointed as RP, but he is not discharging his function and is also not represented before the Adjudicating Authority. The court deemed it appropriate to refer the matter to the
…Adjudicating Authority…
Order delivered…