The application IA No. 510/JPR/2023 was filed under Section 27 of the Insolvency & Bankruptcy Code (IBC), 2016, read with Rule 11 of NCLT Rules, 2016, seeking the replacement of the existing Resolution Professional (RP), Mr. Partha Sarathy Sarkar, and the appointment of Mr. Ankit Goel as the new RP for M/s Modern Syntex (India) Limited ('Corporate Debtor'). The main petition was filed under Section 7 of the Code by the Administrator of Specified Undertaking of Unit Trust of India and UTI Trustee Company Pvt. Ltd. ('Financial Creditors') seeking CIRP of the Corporate Debtor. The Adjudicating Authority initiated the CIRP of the Corporate Debtor on 28.03.2022 and appointed Mr. Partha Sarathy Sarkar as the IRP.
The Administrator of Specified Undertaking of Unit Trust of India and UTI Trustee Company Pvt. Ltd. filed a petition under Section 7 of the IBC seeking CIRP of M/s Modern Syntex (India) Ltd. The Adjudicating Authority initiated CIRP on 28.03.2022 and appointed Mr. Partha Sarathy Sarkar as the IRP. Mr. Sarkar was later confirmed as the RP. The CoC requested the RP to reduce his fees, which he declined. The CoC then decided to replace Mr. Sarkar with Mr. Ankit Goel in a meeting held on 28.08.2023. Mr. Goel provided his consent to act as the RP. The CoC approved the replacement with 100% voting. The RP objected to this replacement. The application IA No. 510/JPR/2023 was filed to formalize this replacement.
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Original IB app…
Adjudicating Authority initiated the CIRP of…
The application IA No. 510/JPR/2023 was filed under Section 27 of the Insolvency & Bankruptcy Code (IBC), 2016, read with Rule 11 of NCLT Rules, 2016, seeking the replacement of the existing Resolution Professional (RP), Mr. Partha Sarathy Sarkar, and the appointment of Mr. Ankit Goel as the new RP for M/s Modern Syntex (India) Limited ('Corporate Debtor'). The main petition was filed under Section 7 of the Code by the Administrator of Specified Undertaking of Unit Trust of India and UTI Trustee Company Pvt. Ltd. ('Financial Creditors') seeking CIRP of the Corporate Debtor. The Adjudicating Authority initiated the CIRP of the Corporate Debtor on 28.03.2022 and appointed Mr. Partha Sarathy Sarkar as the IRP.
The Administrator of Specified Undertaking of Unit Trust of India and UTI Trustee Company Pvt. Ltd. filed a petition under Section 7 of the IBC seeking CIRP of M/s Modern Syntex (India) Ltd. The Adjudicating Authority initiated CIRP on 28.03.2022 and appointed Mr. Partha Sarathy Sarkar as the IRP. Mr. Sarkar was later confirmed as the RP. The CoC requested the RP to reduce his fees, which he declined. The CoC then decided to replace Mr. Sarkar with Mr. Ankit Goel in a meeting held on 28.08.2023. Mr. Goel provided his consent to act as the RP. The CoC approved the replacement with 100% voting. The RP objected to this replacement. The application IA No. 510/JPR/2023 was filed to formalize this replacement.
Original IB app…
Adjudicating Authority initiated the CIRP of…