The case involves an application filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, by Anil Khandelwal, a Resolution Applicant, against the Resolution Professional of SR Industries Limited. The applicant sought to set aside a modified Form G dated 05.12.2022, arguing that it was illegal and bad in law. The Corporate Debtor, SR Industries Limited, was admitted into CIRP on 21.12.2021. The applicant's resolution plan was pending before the Committee of Creditors (CoC). The Resolution Professional published a modified Form G on 05.12.2022, allegedly disregarding Regulation 36A (4A) of the CIRP Regulations. The applicant contended that the modified Form G violated the regulations and aimed to favor a specific prospective applicant. The Resolution
…1. Anil Khandelwal, a Resolution Applicant, filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, against the Resolution Professional of SR Industries Limited.
2. SR Industries Limited was admitted into CIRP on 21.12.2021.
3. Khandelwal's resolution plan was pending before the Committee of Creditors (CoC).
4. The Resolution Professional published a modified Form G dated 05.12.2022.
5. Khandelwal argued that the modified Form G was illegal and violated Regulation 36A (4A) of the CIRP Regulations, which allows only one modification to the invitation for expression of interest.
6. Khandelwal claimed the modified Form G was intended to favor a specific prospective applicant.
7. The Resolution Professional argued that the CoC had the right to
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Corporate Debtor, SR Industries Limited,…
Modified…
The case involves an application filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, by Anil Khandelwal, a Resolution Applicant, against the Resolution Professional of SR Industries Limited. The applicant sought to set aside a modified Form G dated 05.12.2022, arguing that it was illegal and bad in law. The Corporate Debtor, SR Industries Limited, was admitted into CIRP on 21.12.2021. The applicant's resolution plan was pending before the Committee of Creditors (CoC). The Resolution Professional published a modified Form G on 05.12.2022, allegedly disregarding Regulation 36A (4A) of the CIRP Regulations. The applicant contended that the modified Form G violated the regulations and aimed to favor a specific prospective applicant. The Resolution
…1. Anil Khandelwal, a Resolution Applicant, filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, against the Resolution Professional of SR Industries Limited.
2. SR Industries Limited was admitted into CIRP on 21.12.2021.
3. Khandelwal's resolution plan was pending before the Committee of Creditors (CoC).
4. The Resolution Professional published a modified Form G dated 05.12.2022.
5. Khandelwal argued that the modified Form G was illegal and violated Regulation 36A (4A) of the CIRP Regulations, which allows only one modification to the invitation for expression of interest.
6. Khandelwal claimed the modified Form G was intended to favor a specific prospective applicant.
7. The Resolution Professional argued that the CoC had the right to
Corporate Debtor, SR Industries Limited,…
Modified…