This application arises from CP(IB)/33/KOB/2021, which was admitted on 21.02.2022, initiating the Corporate Insolvency Resolution Process (CIRP) against Kerala Chamber of Commerce and Industries (KCCI). The applicant, representing home buyers, filed the application under Section 60(5) of the IBC, 2016, read with Rules 11 and 32 of NCLT Rules, 2016, seeking several reliefs, including setting aside the claim verified in favor of Respondent No. 2 (Phoenix ARC), reconstituting the Committee of Creditors (CoC) without Respondent No. 2, and restraining Respondent No. 2 from exercising voting rights and attending CoC meetings. The applicant contends that the assignment agreement between South Indian Bank and Phoenix ARC is void and unenforceable due to insufficient stamping
…The Kerala Chamber of Commerce and Industries (KCCI) is undergoing Corporate Insolvency Resolution Process (CIRP) initiated based on an application filed by Phoenix Arc Private Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. Phoenix ARC's claim is based on an assignment agreement with South Indian Bank. The applicant, representing home buyers, filed an application seeking to invalidate Phoenix ARC's claim, arguing that the assignment agreement is void due to insufficient stamping and non-registration. The applicant also contends that the erstwhile Resolution Professional (RP) wrongly admitted Phoenix ARC's claim without proper verification of financial contracts. Phoenix ARC filed a writ petition before the High Court of Kerala regarding the
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CP(IB)/33/KOB/…
CP(IB)/33/KOB/…
This application arises from CP(IB)/33/KOB/2021, which was admitted on 21.02.2022, initiating the Corporate Insolvency Resolution Process (CIRP) against Kerala Chamber of Commerce and Industries (KCCI). The applicant, representing home buyers, filed the application under Section 60(5) of the IBC, 2016, read with Rules 11 and 32 of NCLT Rules, 2016, seeking several reliefs, including setting aside the claim verified in favor of Respondent No. 2 (Phoenix ARC), reconstituting the Committee of Creditors (CoC) without Respondent No. 2, and restraining Respondent No. 2 from exercising voting rights and attending CoC meetings. The applicant contends that the assignment agreement between South Indian Bank and Phoenix ARC is void and unenforceable due to insufficient stamping
…The Kerala Chamber of Commerce and Industries (KCCI) is undergoing Corporate Insolvency Resolution Process (CIRP) initiated based on an application filed by Phoenix Arc Private Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. Phoenix ARC's claim is based on an assignment agreement with South Indian Bank. The applicant, representing home buyers, filed an application seeking to invalidate Phoenix ARC's claim, arguing that the assignment agreement is void due to insufficient stamping and non-registration. The applicant also contends that the erstwhile Resolution Professional (RP) wrongly admitted Phoenix ARC's claim without proper verification of financial contracts. Phoenix ARC filed a writ petition before the High Court of Kerala regarding the
…CP(IB)/33/KOB/…
CP(IB)/33/KOB/…