The case involves an application filed by Prasada Raju M.R.V, a Director in the suspended Board of Mantena Laboratories Limited (the Corporate Debtor), under Section 60(5) of the IBC read with Rule 11 of the NCLT Rules. The applicant sought directions for the Respondent (Resolution Professional) to furnish Application IA No. 1468 of 2022 and related documents, including the Resolution Plan of the Successful Resolution Applicant (SRA). The applicant also sought to be declared a necessary party for the adjudication of I.A. No. 1468 of 2022 and to direct the Resolution Professional to file a report confirming compliance with Regulation 39(1) and allowing Resolution Applicants to modify plans during CIRP. The Corporate Debtor was admitted into CIRP on 06.08.2021, and the
…Prasada Raju M.R.V., a Director in the suspended Board of Mantena Laboratories Limited (Corporate Debtor), filed an application seeking access to Resolution Plans submitted by other Resolution Applicants. Mantena Laboratories Limited was admitted into CIRP on 06.08.2021, with the Respondent appointed as IRP and later RP. The Applicant claimed to have provided all necessary information to the Respondent regarding stock, intermediaries, and raw materials. The Applicant also submitted a Resolution Plan, which was rejected by the CoC on 03.12.2022. The Applicant alleged that the Respondent allowed Resolution Applicants to modify their plans multiple times and did not share minutes of CoC meetings. The Respondent denied these allegations, stating that the applicant never
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Mantena Laboratories…
Respondent published…
The case involves an application filed by Prasada Raju M.R.V, a Director in the suspended Board of Mantena Laboratories Limited (the Corporate Debtor), under Section 60(5) of the IBC read with Rule 11 of the NCLT Rules. The applicant sought directions for the Respondent (Resolution Professional) to furnish Application IA No. 1468 of 2022 and related documents, including the Resolution Plan of the Successful Resolution Applicant (SRA). The applicant also sought to be declared a necessary party for the adjudication of I.A. No. 1468 of 2022 and to direct the Resolution Professional to file a report confirming compliance with Regulation 39(1) and allowing Resolution Applicants to modify plans during CIRP. The Corporate Debtor was admitted into CIRP on 06.08.2021, and the
…Prasada Raju M.R.V., a Director in the suspended Board of Mantena Laboratories Limited (Corporate Debtor), filed an application seeking access to Resolution Plans submitted by other Resolution Applicants. Mantena Laboratories Limited was admitted into CIRP on 06.08.2021, with the Respondent appointed as IRP and later RP. The Applicant claimed to have provided all necessary information to the Respondent regarding stock, intermediaries, and raw materials. The Applicant also submitted a Resolution Plan, which was rejected by the CoC on 03.12.2022. The Applicant alleged that the Respondent allowed Resolution Applicants to modify their plans multiple times and did not share minutes of CoC meetings. The Respondent denied these allegations, stating that the applicant never
…Mantena Laboratories…
Respondent published…