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 communications from the Resolution Professional (RP) and to be included as eligible resolution applicants, claiming the Corporate Debtor is an MSME. The Corporate Insolvency Resolution Process (CIRP) was initiated on 27.04.2021. The applicants are contesting the RP's assessment that the Corporate Debtor does not qualify as an MSME, which affects their eligibility to submit a resolution plan.
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 Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated on 27.04.2021. The applicants sought to set aside communications from the Resolution Professional (RP) and be included as eligible resolution applicants, claiming Kiran Global Chems Limited is an MSME. The RP contested this, stating the applicants fraudulently obtained the MSME certificate after CIRP initiation and suppressed material facts. The RP relied on a Chartered Accountant's certificate deeming the Corporate Debtor ineligible for MSME status due to discrepancies in Income Tax Returns (ITR) and
…Sign in to view the parties.
Government of India issued notification No.…
Corporate Insolvency Resolution Process (CIRP)…
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 communications from the Resolution Professional (RP) and to be included as eligible resolution applicants, claiming the Corporate Debtor is an MSME. The Corporate Insolvency Resolution Process (CIRP) was initiated on 27.04.2021. The applicants are contesting the RP's assessment that the Corporate Debtor does not qualify as an MSME, which affects their eligibility to submit a resolution plan.
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 Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated on 27.04.2021. The applicants sought to set aside communications from the Resolution Professional (RP) and be included as eligible resolution applicants, claiming Kiran Global Chems Limited is an MSME. The RP contested this, stating the applicants fraudulently obtained the MSME certificate after CIRP initiation and suppressed material facts. The RP relied on a Chartered Accountant's certificate deeming the Corporate Debtor ineligible for MSME status due to discrepancies in Income Tax Returns (ITR) and
…Government of India issued notification No.…
Corporate Insolvency Resolution Process (CIRP)…