The case involves an application filed under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 11 of the National Company Law Tribunal Rules, 2016. The applicant, NK Power and Infrastructure Private Limited, is the Successful Resolution Applicant (SRA) for the Corporate Debtor, Navya Agro Product Private Limited. The SRA seeks to substitute its name for the Resolution Professional (RP) in I.A. 41 of 2022. The RP, Purshotam Gaggar, was initially appointed when the CIRP of Navya Agro Products Private Limited was initiated. The resolution plan submitted by the applicant was approved by the Committee of Creditors (CoC) with a 100% vote and subsequently approved by the Tribunal on August 12, 2022, in I.A. No. 43 of 2022. An earlier application,
…The Corporate Debtor, Navya Agro Products Private Limited, underwent Corporate Insolvency Resolution Process (CIRP). Purshotam Gaggar was appointed as the Resolution Professional (RP). NK Power and Infrastructure Private Limited submitted a resolution plan, which was approved by the Committee of Creditors (CoC) with 100% vote and subsequently by the NCLT on August 12, 2022. The RP had filed I.A. 41 of 2022 under Section 66 of the IBC, which was pending. It was agreed that the Successful Resolution Applicant (SRA), NK Power, would pursue I.A. 41 of 2022 after the resolution plan's approval, with any recovery to be passed on to the creditors. The SRA filed an application to substitute its name for the RP's name in I.A. 41 of 2022. The respondents had reservations but did
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The resolution plan submitted by NK Power and…
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The case involves an application filed under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 11 of the National Company Law Tribunal Rules, 2016. The applicant, NK Power and Infrastructure Private Limited, is the Successful Resolution Applicant (SRA) for the Corporate Debtor, Navya Agro Product Private Limited. The SRA seeks to substitute its name for the Resolution Professional (RP) in I.A. 41 of 2022. The RP, Purshotam Gaggar, was initially appointed when the CIRP of Navya Agro Products Private Limited was initiated. The resolution plan submitted by the applicant was approved by the Committee of Creditors (CoC) with a 100% vote and subsequently approved by the Tribunal on August 12, 2022, in I.A. No. 43 of 2022. An earlier application,
…The Corporate Debtor, Navya Agro Products Private Limited, underwent Corporate Insolvency Resolution Process (CIRP). Purshotam Gaggar was appointed as the Resolution Professional (RP). NK Power and Infrastructure Private Limited submitted a resolution plan, which was approved by the Committee of Creditors (CoC) with 100% vote and subsequently by the NCLT on August 12, 2022. The RP had filed I.A. 41 of 2022 under Section 66 of the IBC, which was pending. It was agreed that the Successful Resolution Applicant (SRA), NK Power, would pursue I.A. 41 of 2022 after the resolution plan's approval, with any recovery to be passed on to the creditors. The SRA filed an application to substitute its name for the RP's name in I.A. 41 of 2022. The respondents had reservations but did
…The resolution plan submitted by NK Power and…
The matter was last heard, and the counsel for…