The case involves an application (IA No.19/ALD/2022) filed in connection with a Corporate Insolvency Resolution Process (CIRP) under CP (IB) No.90/ALD/2019. The Committee of Creditors (CoC), being the sole member, sought the replacement of the Interim Resolution Professional (IRP) with another Resolution Professional (RP). The Corporate Debtor was admitted into CIRP on 2021-08-11. The CoC rejected the continuation of the IRP as RP and proposed a new RP in a subsequent meeting. The IRP's fees were outstanding, and the Adjudicating Authority directed the CoC to pay these fees. The CoC maintained its stance on replacing the IRP.
Baff Engineers Private Limited initiated CIRP against Pratistha Dairy Farms Private Limited. The Corporate Debtor, Pratistha Dairy Farms Private Limited, was admitted into CIRP on 2021-08-11. Canara Bank, as the sole member of the Committee of Creditors (CoC), sought to replace the Interim Resolution Professional (IRP), Mr. Ankit Agrawal, with Mr. Bhoopesh Gupta. The CoC rejected the continuation of the existing IRP as RP with 100% votes. The IRP's outstanding fees amounted to ₹7,16,064. The CoC offered the IRP ₹2 Lakh to complete the remaining 150 days of CIRP, which the IRP declined. The proposed RP, Mr. Bhoopesh Gupta, is based in Lucknow, while the Corporate Debtor's assets are in Moradabad. The IRP was based in Bareilly, near Moradabad. The CoC did not provide a
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Corporate Debtor…
First meeting of the Committee of Creditors…
The case involves an application (IA No.19/ALD/2022) filed in connection with a Corporate Insolvency Resolution Process (CIRP) under CP (IB) No.90/ALD/2019. The Committee of Creditors (CoC), being the sole member, sought the replacement of the Interim Resolution Professional (IRP) with another Resolution Professional (RP). The Corporate Debtor was admitted into CIRP on 2021-08-11. The CoC rejected the continuation of the IRP as RP and proposed a new RP in a subsequent meeting. The IRP's fees were outstanding, and the Adjudicating Authority directed the CoC to pay these fees. The CoC maintained its stance on replacing the IRP.
Baff Engineers Private Limited initiated CIRP against Pratistha Dairy Farms Private Limited. The Corporate Debtor, Pratistha Dairy Farms Private Limited, was admitted into CIRP on 2021-08-11. Canara Bank, as the sole member of the Committee of Creditors (CoC), sought to replace the Interim Resolution Professional (IRP), Mr. Ankit Agrawal, with Mr. Bhoopesh Gupta. The CoC rejected the continuation of the existing IRP as RP with 100% votes. The IRP's outstanding fees amounted to ₹7,16,064. The CoC offered the IRP ₹2 Lakh to complete the remaining 150 days of CIRP, which the IRP declined. The proposed RP, Mr. Bhoopesh Gupta, is based in Lucknow, while the Corporate Debtor's assets are in Moradabad. The IRP was based in Bareilly, near Moradabad. The CoC did not provide a
…Corporate Debtor…
First meeting of the Committee of Creditors…