The case involves an application filed under Section 19(2) & 19(3) of the Insolvency and Bankruptcy Code, 2016 read with Section 60(5) and Section 70 of the Insolvency and Bankruptcy Code, 2016. The corporate debtor was admitted into CIRP on 18.07.2018. The IRP interacted with Mr. D.K. Jain, the Managing Director/Respondent No. 2, informing him of the suspension of the Board of Directors' powers under Section 17(1)(b) of the IBC, 2016. A formal letter was sent to the Board of Directors on 26.07.2018, requesting cooperation and information under Section 19(1). The applicant discharged his duties by making a public announcement, holding the CoC meeting, and appointing valuers. Respondent No. 2 allegedly refused to sign the declaration. Discrepancies were noted in the
…The corporate debtor, Lakshmi Precision Screws Limited, was admitted into CIRP on 18.07.2018 following a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016. Mr. Deepak Thukral was appointed as the Resolution Professional. The IRP notified Mr. D.K. Jain (Managing Director/Respondent No. 2) that the Board of Directors' powers were suspended. A formal request for cooperation and information was sent to the Board on 26.07.2018. The Resolution Professional made a public announcement, held a CoC meeting, and appointed valuers. Respondent No. 2 allegedly refused to sign the declaration. Significant discrepancies were found between the corporate debtor's stock levels reported to SEBI and actual stock counts. The Committee of Creditors was informed of the
…Sign in to view the parties.
Corporate d…
Formal letter sent to…
The case involves an application filed under Section 19(2) & 19(3) of the Insolvency and Bankruptcy Code, 2016 read with Section 60(5) and Section 70 of the Insolvency and Bankruptcy Code, 2016. The corporate debtor was admitted into CIRP on 18.07.2018. The IRP interacted with Mr. D.K. Jain, the Managing Director/Respondent No. 2, informing him of the suspension of the Board of Directors' powers under Section 17(1)(b) of the IBC, 2016. A formal letter was sent to the Board of Directors on 26.07.2018, requesting cooperation and information under Section 19(1). The applicant discharged his duties by making a public announcement, holding the CoC meeting, and appointing valuers. Respondent No. 2 allegedly refused to sign the declaration. Discrepancies were noted in the
…The corporate debtor, Lakshmi Precision Screws Limited, was admitted into CIRP on 18.07.2018 following a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016. Mr. Deepak Thukral was appointed as the Resolution Professional. The IRP notified Mr. D.K. Jain (Managing Director/Respondent No. 2) that the Board of Directors' powers were suspended. A formal request for cooperation and information was sent to the Board on 26.07.2018. The Resolution Professional made a public announcement, held a CoC meeting, and appointed valuers. Respondent No. 2 allegedly refused to sign the declaration. Significant discrepancies were found between the corporate debtor's stock levels reported to SEBI and actual stock counts. The Committee of Creditors was informed of the
…Corporate d…
Formal letter sent to…