The case involves an application (I.A.No.246/CB/2023) filed in I.A.No.149/CB/2023 within a Corporate Insolvency Resolution Process (CIRP) initiated against OCL IRON AND STEEL LTD. The CIRP was triggered by a Section 7 application under the IBC, 2016, filed by Indian Bank. The applicant, Indrani Patnaik, sought to file a rejoinder to the reply filed by respondents 2 to 7 in I.A. No. 149/CB/2023, claiming that the minutes of the monitoring committee, which are necessary to bring on record for true and correct facts, came into their possession after the reply was filed. The respondents opposed the rejoinder, arguing it was an attempt to develop the applicant's case beyond the scope of a rejoinder.
1. OCL IRON AND STEEL LTD was admitted into CIRP based on a Section 7 application by Indian Bank on 2021-09-20.
2. Vijaykumar V. Iyer was appointed as the Resolution Professional.
3. The applicant, Indrani Patnaik, and respondents 2 to 7 constituted the Committee of Creditors (CoC).
4. The resolution plan submitted by the 1st respondent was approved by the CoC with 88.98% voting; the applicant and 8th respondent voted against it.
5. The distribution of the upfront amount was discussed in the 18th and 19th CoC meetings.
6. The resolution plan included provisions for payment to dissenting creditors and was approved by the Adjudicating Authority on 2023-03-20 in I.A.No.275/CB/2022.
7. The applicant filed I.A.No.149/CB/2023 claiming the amount as provided under section 30 (2)
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OCL IRON AND STEEL LTD admitted into CIRP by…
Mr. Vijaykumar V. Iyer…
The case involves an application (I.A.No.246/CB/2023) filed in I.A.No.149/CB/2023 within a Corporate Insolvency Resolution Process (CIRP) initiated against OCL IRON AND STEEL LTD. The CIRP was triggered by a Section 7 application under the IBC, 2016, filed by Indian Bank. The applicant, Indrani Patnaik, sought to file a rejoinder to the reply filed by respondents 2 to 7 in I.A. No. 149/CB/2023, claiming that the minutes of the monitoring committee, which are necessary to bring on record for true and correct facts, came into their possession after the reply was filed. The respondents opposed the rejoinder, arguing it was an attempt to develop the applicant's case beyond the scope of a rejoinder.
1. OCL IRON AND STEEL LTD was admitted into CIRP based on a Section 7 application by Indian Bank on 2021-09-20.
2. Vijaykumar V. Iyer was appointed as the Resolution Professional.
3. The applicant, Indrani Patnaik, and respondents 2 to 7 constituted the Committee of Creditors (CoC).
4. The resolution plan submitted by the 1st respondent was approved by the CoC with 88.98% voting; the applicant and 8th respondent voted against it.
5. The distribution of the upfront amount was discussed in the 18th and 19th CoC meetings.
6. The resolution plan included provisions for payment to dissenting creditors and was approved by the Adjudicating Authority on 2023-03-20 in I.A.No.275/CB/2022.
7. The applicant filed I.A.No.149/CB/2023 claiming the amount as provided under section 30 (2)
OCL IRON AND STEEL LTD admitted into CIRP by…
Mr. Vijaykumar V. Iyer…