The case involves applications (IA Nos. 326/2021, 328/2021, and 329/2021) filed in relation to a Corporate Insolvency Resolution Process (CIRP) initiated against Nexgen Laminators Private Ltd. The CIRP was triggered by State Bank of India under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. IA 326/2021 concerns an application for extension/exclusion of 90 days for re-publication of invitation for the Expression of Interest (Form-G). IA 328/2021 and IA 329/2021, filed by Mr. Ramneek Goel, challenge the decision of the Committee of Creditors (CoC) to republish Form G, alleging fraudulent conduct and breach of confidentiality. The applicant, Mr. Goel, claims that Respondent No. 1 (Mr. Sunil Bajaj) submitted a resolution plan at a very late stage by
…The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s Nexgen Laminators Private Ltd. based on an application by State Bank of India. Mr. Jalesh Kumar Grover was appointed as the Resolution Professional (RP). An invitation for Expression of Interest (Eol) was issued, and Mr. Ramneek Goel submitted his Eol and was initially identified as the H1 bidder. However, the CoC did not approve Mr. Goel's resolution plan. Subsequently, the RP received another resolution plan from Mr. Sunil Bajaj, offering a higher amount. The CoC then decided to republish Form G to seek better proposals. Mr. Ramneek Goel filed applications (IA Nos. 328/2021 and 329/2021) challenging the CoC's decision, alleging fraud and breach of confidentiality, claiming that Mr. Sunil
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CIRP of the corporate…
The RP constituted the…
The case involves applications (IA Nos. 326/2021, 328/2021, and 329/2021) filed in relation to a Corporate Insolvency Resolution Process (CIRP) initiated against Nexgen Laminators Private Ltd. The CIRP was triggered by State Bank of India under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. IA 326/2021 concerns an application for extension/exclusion of 90 days for re-publication of invitation for the Expression of Interest (Form-G). IA 328/2021 and IA 329/2021, filed by Mr. Ramneek Goel, challenge the decision of the Committee of Creditors (CoC) to republish Form G, alleging fraudulent conduct and breach of confidentiality. The applicant, Mr. Goel, claims that Respondent No. 1 (Mr. Sunil Bajaj) submitted a resolution plan at a very late stage by
…The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s Nexgen Laminators Private Ltd. based on an application by State Bank of India. Mr. Jalesh Kumar Grover was appointed as the Resolution Professional (RP). An invitation for Expression of Interest (Eol) was issued, and Mr. Ramneek Goel submitted his Eol and was initially identified as the H1 bidder. However, the CoC did not approve Mr. Goel's resolution plan. Subsequently, the RP received another resolution plan from Mr. Sunil Bajaj, offering a higher amount. The CoC then decided to republish Form G to seek better proposals. Mr. Ramneek Goel filed applications (IA Nos. 328/2021 and 329/2021) challenging the CoC's decision, alleging fraud and breach of confidentiality, claiming that Mr. Sunil
…CIRP of the corporate…
The RP constituted the…