Bank of Maharashtra filed an application against the Resolution Professional (RP) of Mantena Laboratories Limited, being aggrieved by the 10th Committee of Creditors (CoC) meeting held on 24.03.2022, where the bank did not receive the distribution pattern of amounts as per the Resolution Plan. The Corporate Debtor (CD) was admitted into Corporate Insolvency Resolution Process (CIRP) on 06.08.2021, and the RP was appointed. The bank claimed ownership of 12.54% of the total voting share among admitted financial creditors and was aggrieved by the lack of information regarding the distribution pattern. The bank also raised concerns about the eligibility of Prospective Resolution Applicants (PRAs).
The Bank of Maharashtra, a financial creditor, filed an application against the Resolution Professional (RP) of Mantena Laboratories Limited, the Corporate Debtor (CD). The CD was admitted into CIRP on 06.08.2021. The bank was aggrieved by the 10th CoC meeting held on 24.03.2022, where it did not receive the distribution pattern of amounts as per the Resolution Plan. The bank claimed a 12.54% voting share and alleged a lack of information regarding the distribution pattern. The bank also raised concerns about the eligibility of Prospective Resolution Applicants (PRAs), specifically Mr. Shiv Charan, who was allegedly involved in fraud cases. The bank argued that the distribution should adhere to Section 30(4) r/w 53(1) of the IBC, ensuring equal treatment of similarly
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Corporate Debtor…
Applicant filed proof…
Bank of Maharashtra filed an application against the Resolution Professional (RP) of Mantena Laboratories Limited, being aggrieved by the 10th Committee of Creditors (CoC) meeting held on 24.03.2022, where the bank did not receive the distribution pattern of amounts as per the Resolution Plan. The Corporate Debtor (CD) was admitted into Corporate Insolvency Resolution Process (CIRP) on 06.08.2021, and the RP was appointed. The bank claimed ownership of 12.54% of the total voting share among admitted financial creditors and was aggrieved by the lack of information regarding the distribution pattern. The bank also raised concerns about the eligibility of Prospective Resolution Applicants (PRAs).
The Bank of Maharashtra, a financial creditor, filed an application against the Resolution Professional (RP) of Mantena Laboratories Limited, the Corporate Debtor (CD). The CD was admitted into CIRP on 06.08.2021. The bank was aggrieved by the 10th CoC meeting held on 24.03.2022, where it did not receive the distribution pattern of amounts as per the Resolution Plan. The bank claimed a 12.54% voting share and alleged a lack of information regarding the distribution pattern. The bank also raised concerns about the eligibility of Prospective Resolution Applicants (PRAs), specifically Mr. Shiv Charan, who was allegedly involved in fraud cases. The bank argued that the distribution should adhere to Section 30(4) r/w 53(1) of the IBC, ensuring equal treatment of similarly
…Corporate Debtor…
Applicant filed proof…