The case involves an Interlocutory Application (IA No. 9/2023) filed by Entegra Limited under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 11 of the NCLT Rules, 2016. Entegra Limited seeks directions to remove Mr. Apoorv Sarvaria as the Resolution Professional (RP) of Shree Maheshwar Hydel Power Corporation Limited (SMHPCL) and to reconstitute the Committee of Creditors (CoC) by including Entegra Limited's claim and removing respondents 4 to 7 (Power Finance Corporation Limited (PFC), Rural Electrification Corporation Limited (RECL), IFCI Limited (IFCI), Housing and Urban Corporation Development Limited (HUDCO)). The CIRP was initiated based on a Section 7 petition filed by PFC against SMHPCL, which was admitted on 27.09.2022. Entegra
…Entegra Limited, the original promoter of Shree Maheshwar Hydel Power Corporation Limited (SMHPCL), filed an application (IA No. 9/2023) seeking the removal of the Resolution Professional (RP) and reconstitution of the Committee of Creditors (CoC) of SMHPCL. The Corporate Insolvency Resolution Process (CIRP) was initiated against SMHPCL based on a petition filed by Power Finance Corporation Limited (PFC) under Section 7 of the Insolvency and Bankruptcy Code (IBC), which was admitted on 27.09.2022. Entegra Limited challenged the admission order by filing an appeal before the National Company Law Appellate Tribunal (NCLAT). The Adjudicating Authority initially directed the RP to keep the CIRP on hold, but this order was appealed by the CoC. The NCLAT quashed the 'keep on
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Power Finance Corporation Ltd filed an…
The Adjudicating…
The case involves an Interlocutory Application (IA No. 9/2023) filed by Entegra Limited under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 11 of the NCLT Rules, 2016. Entegra Limited seeks directions to remove Mr. Apoorv Sarvaria as the Resolution Professional (RP) of Shree Maheshwar Hydel Power Corporation Limited (SMHPCL) and to reconstitute the Committee of Creditors (CoC) by including Entegra Limited's claim and removing respondents 4 to 7 (Power Finance Corporation Limited (PFC), Rural Electrification Corporation Limited (RECL), IFCI Limited (IFCI), Housing and Urban Corporation Development Limited (HUDCO)). The CIRP was initiated based on a Section 7 petition filed by PFC against SMHPCL, which was admitted on 27.09.2022. Entegra
…Entegra Limited, the original promoter of Shree Maheshwar Hydel Power Corporation Limited (SMHPCL), filed an application (IA No. 9/2023) seeking the removal of the Resolution Professional (RP) and reconstitution of the Committee of Creditors (CoC) of SMHPCL. The Corporate Insolvency Resolution Process (CIRP) was initiated against SMHPCL based on a petition filed by Power Finance Corporation Limited (PFC) under Section 7 of the Insolvency and Bankruptcy Code (IBC), which was admitted on 27.09.2022. Entegra Limited challenged the admission order by filing an appeal before the National Company Law Appellate Tribunal (NCLAT). The Adjudicating Authority initially directed the RP to keep the CIRP on hold, but this order was appealed by the CoC. The NCLAT quashed the 'keep on
…Power Finance Corporation Ltd filed an…
The Adjudicating…