The case involves an application under Section 27 of the Insolvency and Bankruptcy Code, 2016, regarding the corporate insolvency resolution process (CIRP) of PKS Limited. The primary issue is the replacement of the Resolution Professional (RP). Initially, Mr. Pinaki Sarkar was appointed as IRP, followed by Mr. Kanakabha Roy, who was later removed. Union Bank of India, the financial creditor, sought the appointment of Mr. Jai Narayan Gupta as the new RP. However, objections were raised regarding Mr. Gupta's conduct and alleged derogatory remarks.
Union Bank of India initiated CIRP against PKS Limited. Mr. Pinaki Sarkar was initially appointed as IRP, followed by Mr. Kanakabha Roy. Mr. Roy was later removed due to allegations of biased decisions. Union Bank of India proposed Mr. Jai Narayan Gupta as the new RP, which was supported by a CoC resolution. However, the suspended Board of Directors of PKS Limited opposed Mr. Gupta's appointment, alleging that he had circulated derogatory remarks about the legal profession and the judiciary. The Adjudicating Authority considered WhatsApp messages allegedly circulated by Mr. Gupta. Mr. Shashi Agarwal, the current RP, expressed his disinterest in continuing in the role. Mr. Kanakabha Roy was alleged to be an employee of Union Bank of India and controlled by Respondent
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Mr. Pinaki Sarkar was…
Mr. Kanakabha Roy was appointed to replace the…
The case involves an application under Section 27 of the Insolvency and Bankruptcy Code, 2016, regarding the corporate insolvency resolution process (CIRP) of PKS Limited. The primary issue is the replacement of the Resolution Professional (RP). Initially, Mr. Pinaki Sarkar was appointed as IRP, followed by Mr. Kanakabha Roy, who was later removed. Union Bank of India, the financial creditor, sought the appointment of Mr. Jai Narayan Gupta as the new RP. However, objections were raised regarding Mr. Gupta's conduct and alleged derogatory remarks.
Union Bank of India initiated CIRP against PKS Limited. Mr. Pinaki Sarkar was initially appointed as IRP, followed by Mr. Kanakabha Roy. Mr. Roy was later removed due to allegations of biased decisions. Union Bank of India proposed Mr. Jai Narayan Gupta as the new RP, which was supported by a CoC resolution. However, the suspended Board of Directors of PKS Limited opposed Mr. Gupta's appointment, alleging that he had circulated derogatory remarks about the legal profession and the judiciary. The Adjudicating Authority considered WhatsApp messages allegedly circulated by Mr. Gupta. Mr. Shashi Agarwal, the current RP, expressed his disinterest in continuing in the role. Mr. Kanakabha Roy was alleged to be an employee of Union Bank of India and controlled by Respondent
…Mr. Pinaki Sarkar was…
Mr. Kanakabha Roy was appointed to replace the…