The case involves Daimler Financial Services Pvt Ltd as the applicant and JSM Devcons India Pvt Ltd as the respondent. The proceedings are under Section 7 of the IBC. The Resolution Professional (RP) has not appeared despite a previous order dated 19.01.2023, which the Adjudicating Authority finds appalling. The CoC is at liberty to pass a resolution regarding the replacement of the RP. The court notes the peculiarity of the situation where the IP suggested by the CoC could be appointed as RP but is not discharging his function and is also not represented before the Adjudicating Authority. Counsel for the Financial Creditors (AR) alleges that the RP is absconding and has embezzled the EMD submitted by the Proposed Resolution Applicant.
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 is absconding and has embezzled the Earnest Money Deposit (EMD) submitted by the Proposed Resolution Applicant. The CoC has the liberty to replace the RP. The court is considering referring the matter to the IBBI for further action due to the RP's absence and the allegations against him. The case involves multiple Interlocutory Applications (IAs).
Sign in to view the parties.
Adjudicating Authority…
Order delivered…
The case involves Daimler Financial Services Pvt Ltd as the applicant and JSM Devcons India Pvt Ltd as the respondent. The proceedings are under Section 7 of the IBC. The Resolution Professional (RP) has not appeared despite a previous order dated 19.01.2023, which the Adjudicating Authority finds appalling. The CoC is at liberty to pass a resolution regarding the replacement of the RP. The court notes the peculiarity of the situation where the IP suggested by the CoC could be appointed as RP but is not discharging his function and is also not represented before the Adjudicating Authority. Counsel for the Financial Creditors (AR) alleges that the RP is absconding and has embezzled the EMD submitted by the Proposed Resolution Applicant.
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 is absconding and has embezzled the Earnest Money Deposit (EMD) submitted by the Proposed Resolution Applicant. The CoC has the liberty to replace the RP. The court is considering referring the matter to the IBBI for further action due to the RP's absence and the allegations against him. The case involves multiple Interlocutory Applications (IAs).
Adjudicating Authority…
Order delivered…