The case involves an application (IA(IBC)/146(CHE)/2022) filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, by Manmohan Singh Jain and Atul Jain, who are suspended directors/promoters and 92.7% shareholders of the Corporate Debtor, M/s. Kiran Global Chems Limited. The applicants sought to set aside certain emails/communications from the Resolution Professional (RP) and to be included as eligible resolution applicants in the Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated by the Tribunal on 27.04.2021. The applicants claim that the Corporate Debtor is an MSME and that the RP is preventing them from participating in the resolution process.
1. Manmohan Singh Jain and Atul Jain, suspended directors/promoters and 92.7% shareholders of Kiran Global Chems Limited, filed an application under Section 60(5) of the IBC, 2016.
2. CIRP against Kiran Global Chems Limited was initiated on 2021-04-27.
3. Applicants sought to set aside emails/communications from the Resolution Professional (RP) and to be included as eligible resolution applicants.
4. Applicants claimed Kiran Global Chems Limited is an MSME and should be allowed to submit a resolution plan.
5. RP argued the MSME certificate was obtained fraudulently by suppressing material facts.
6. RP appointed PM & Co., Chartered Accountants, who certified that the Corporate Debtor does not qualify as an MSME.
7. The Chartered Accountant's certificate was based on the
Sign in to view the parties.
Government of India issued notification No.…
Corporate Insolvency Resolution Process…
The case involves an application (IA(IBC)/146(CHE)/2022) filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, by Manmohan Singh Jain and Atul Jain, who are suspended directors/promoters and 92.7% shareholders of the Corporate Debtor, M/s. Kiran Global Chems Limited. The applicants sought to set aside certain emails/communications from the Resolution Professional (RP) and to be included as eligible resolution applicants in the Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated by the Tribunal on 27.04.2021. The applicants claim that the Corporate Debtor is an MSME and that the RP is preventing them from participating in the resolution process.
1. Manmohan Singh Jain and Atul Jain, suspended directors/promoters and 92.7% shareholders of Kiran Global Chems Limited, filed an application under Section 60(5) of the IBC, 2016.
2. CIRP against Kiran Global Chems Limited was initiated on 2021-04-27.
3. Applicants sought to set aside emails/communications from the Resolution Professional (RP) and to be included as eligible resolution applicants.
4. Applicants claimed Kiran Global Chems Limited is an MSME and should be allowed to submit a resolution plan.
5. RP argued the MSME certificate was obtained fraudulently by suppressing material facts.
6. RP appointed PM & Co., Chartered Accountants, who certified that the Corporate Debtor does not qualify as an MSME.
7. The Chartered Accountant's certificate was based on the
Government of India issued notification No.…
Corporate Insolvency Resolution Process…