The application IA/498(CHE)2021 was filed in the National Company Law Tribunal (NCLT), Chennai, in relation to an insolvency resolution process under the Insolvency and Bankruptcy Code, 2016. The case pertains to IBA/377/2020 involving State Bank of India as the petitioner and Nexus Electro Steel Ltd as the respondent. The application seeks the replacement of the Interim Resolution Professional (IRP), Mr. Mathur Sabapathy Viswanathan, with Mr. Radhakrishnan Dharmarajan, as resolved by the Committee of Creditors (CoC).
State Bank of India initiated insolvency proceedings against Nexus Electro Steel Ltd under the Insolvency and Bankruptcy Code, 2016. Mr. Mathur Sabapathy Viswanathan was appointed as the Interim Resolution Professional (IRP). Subsequently, the Committee of Creditors (CoC) convened and resolved to replace Mr. Mathur Sabapathy Viswanathan with Mr. Radhakrishnan Dharmarajan as the Resolution Professional. This decision was made with 100% voting rights by the CoC. The application IA/498(CHE)2021 was filed before the NCLT, Chennai, seeking the court's approval for this replacement. The CoC's decision is based on Section 22 of the Insolvency & Bankruptcy Code, 2016, which allows for the replacement of the IRP under certain conditions. The relevance of these facts lies in
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The Committee of Creditors held its 1st…
The NCLT, Chennai, heard the application…
The application IA/498(CHE)2021 was filed in the National Company Law Tribunal (NCLT), Chennai, in relation to an insolvency resolution process under the Insolvency and Bankruptcy Code, 2016. The case pertains to IBA/377/2020 involving State Bank of India as the petitioner and Nexus Electro Steel Ltd as the respondent. The application seeks the replacement of the Interim Resolution Professional (IRP), Mr. Mathur Sabapathy Viswanathan, with Mr. Radhakrishnan Dharmarajan, as resolved by the Committee of Creditors (CoC).
State Bank of India initiated insolvency proceedings against Nexus Electro Steel Ltd under the Insolvency and Bankruptcy Code, 2016. Mr. Mathur Sabapathy Viswanathan was appointed as the Interim Resolution Professional (IRP). Subsequently, the Committee of Creditors (CoC) convened and resolved to replace Mr. Mathur Sabapathy Viswanathan with Mr. Radhakrishnan Dharmarajan as the Resolution Professional. This decision was made with 100% voting rights by the CoC. The application IA/498(CHE)2021 was filed before the NCLT, Chennai, seeking the court's approval for this replacement. The CoC's decision is based on Section 22 of the Insolvency & Bankruptcy Code, 2016, which allows for the replacement of the IRP under certain conditions. The relevance of these facts lies in
…The Committee of Creditors held its 1st…
The NCLT, Chennai, heard the application…