The case involves insolvency proceedings against Rathi Graphic Technologies Limited. The Adjudicating Authority initiated insolvency proceedings on 03.02.2020. An Interim Resolution Professional (IRP) was appointed, later replaced by a Resolution Professional (RP) on 10th June, 2020. The RP filed IA No.31 of 2021 for approval of the resolution plan. IA No.293 of 2020 was filed by an applicant seeking direction to the RP to place a revised resolution plan before the Committee of Creditors (CoC). The CoC rejected the applicant's revised plan submitted on 15.11.2020, leading to allegations of arbitrary and biased approach by the RP and CoC.
Insolvency proceedings were initiated against Rathi Graphic Technologies Limited on 03.02.2020. An IRP was appointed and later replaced by an RP. Form G was published, inviting expressions of interest. The last date for submission of resolution plans was extended to 03.11.2020. The applicant submitted a revised resolution plan on 15.11.2020, which was rejected by the RP/CoC because it was submitted after the deadline. The CoC expressed concerns that the resolution plans were below liquidation value. The voting lines were opened on 15.11.2020 and extended multiple times, finally concluding on 15.12.2020. The applicant alleged that the RP and CoC were working in tandem to oust the applicant from the process and that the applicant was not informed about the preponement of
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Insolvency proceedings against the…
IRP was replaced by current RP vide order of…
The case involves insolvency proceedings against Rathi Graphic Technologies Limited. The Adjudicating Authority initiated insolvency proceedings on 03.02.2020. An Interim Resolution Professional (IRP) was appointed, later replaced by a Resolution Professional (RP) on 10th June, 2020. The RP filed IA No.31 of 2021 for approval of the resolution plan. IA No.293 of 2020 was filed by an applicant seeking direction to the RP to place a revised resolution plan before the Committee of Creditors (CoC). The CoC rejected the applicant's revised plan submitted on 15.11.2020, leading to allegations of arbitrary and biased approach by the RP and CoC.
Insolvency proceedings were initiated against Rathi Graphic Technologies Limited on 03.02.2020. An IRP was appointed and later replaced by an RP. Form G was published, inviting expressions of interest. The last date for submission of resolution plans was extended to 03.11.2020. The applicant submitted a revised resolution plan on 15.11.2020, which was rejected by the RP/CoC because it was submitted after the deadline. The CoC expressed concerns that the resolution plans were below liquidation value. The voting lines were opened on 15.11.2020 and extended multiple times, finally concluding on 15.12.2020. The applicant alleged that the RP and CoC were working in tandem to oust the applicant from the process and that the applicant was not informed about the preponement of
…Insolvency proceedings against the…
IRP was replaced by current RP vide order of…