The application IA No. 843/2020 was filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking the replacement of the existing liquidator, Sh. Harvinder Kumar Jatana, appointed for Sahil International Pvt. Ltd., with Sh. Arvind Mital. The CIRP was initiated on 21.09.2019, and a liquidation order was passed on 18.11.2019. The outgoing RP did not consent to act as a liquidator, leading to the appointment of Sh. Harvinder Kumar Jatana. The liquidator provided an estimated liquidation cost to the petitioner. The applicant contended that the liquidator's demand was illegal and arbitrary, and there was no progress in the liquidation process.
RPG Industrial Product Pvt. Ltd., the petitioner/operational creditor, initiated CIRP against Sahil International Pvt. Ltd., the respondent/corporate debtor. The CIRP was initiated by an order of the NCLT dated 21.09.2019. A liquidation order was passed on 18.11.2019. Sh. Harvinder Kumar Jatana was appointed as liquidator because the outgoing Resolution Professional (RP) did not consent to act as liquidator. The RP informed the petitioner of the claim by 18.12.2019. The liquidator informed the petitioner about the estimated liquidation expenses on 08.01.2020. The liquidator requested the operational creditor to contribute towards liquidation costs. The RP could not find any assets or liquidity in the account of the respondent. The 6th CoC meeting on 15.10.2019 did not
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CIRP initiated…
IRP substituted on…
The application IA No. 843/2020 was filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking the replacement of the existing liquidator, Sh. Harvinder Kumar Jatana, appointed for Sahil International Pvt. Ltd., with Sh. Arvind Mital. The CIRP was initiated on 21.09.2019, and a liquidation order was passed on 18.11.2019. The outgoing RP did not consent to act as a liquidator, leading to the appointment of Sh. Harvinder Kumar Jatana. The liquidator provided an estimated liquidation cost to the petitioner. The applicant contended that the liquidator's demand was illegal and arbitrary, and there was no progress in the liquidation process.
RPG Industrial Product Pvt. Ltd., the petitioner/operational creditor, initiated CIRP against Sahil International Pvt. Ltd., the respondent/corporate debtor. The CIRP was initiated by an order of the NCLT dated 21.09.2019. A liquidation order was passed on 18.11.2019. Sh. Harvinder Kumar Jatana was appointed as liquidator because the outgoing Resolution Professional (RP) did not consent to act as liquidator. The RP informed the petitioner of the claim by 18.12.2019. The liquidator informed the petitioner about the estimated liquidation expenses on 08.01.2020. The liquidator requested the operational creditor to contribute towards liquidation costs. The RP could not find any assets or liquidity in the account of the respondent. The 6th CoC meeting on 15.10.2019 did not
…CIRP initiated…
IRP substituted on…