The case involves an application under Section 95 of the Insolvency and Bankruptcy Code (IBC). The Tribunal's order dated 20.12.2024 was conveyed to the Interim Resolution Professional (IRP) in the first week of January 2025 and uploaded on the website on 30.12.2024. The IRP was required to file a report under Section 99 of the IBC within ten days, but failed to do so in January 2025, when the matter was taken up on 31.01.2025.
Small Industries Development Bank of India filed an application against Snehal Chandrakant Patel under Section 95 of the IBC. The Tribunal issued an order on 20.12.2024, which was conveyed to the IRP in the first week of January 2025 and uploaded on the website on 30.12.2024. The order required the IRP to submit a report under Section 99 of the IBC within ten days. However, the IRP failed to file the report in January, when the matter was taken up on 31.01.2025, and even after the entire month of February, the report was still not available. This constitutes a clear lapse on the part of the IRP.
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Tribunal iss…
Order dated 20.12.2024…
The case involves an application under Section 95 of the Insolvency and Bankruptcy Code (IBC). The Tribunal's order dated 20.12.2024 was conveyed to the Interim Resolution Professional (IRP) in the first week of January 2025 and uploaded on the website on 30.12.2024. The IRP was required to file a report under Section 99 of the IBC within ten days, but failed to do so in January 2025, when the matter was taken up on 31.01.2025.
Small Industries Development Bank of India filed an application against Snehal Chandrakant Patel under Section 95 of the IBC. The Tribunal issued an order on 20.12.2024, which was conveyed to the IRP in the first week of January 2025 and uploaded on the website on 30.12.2024. The order required the IRP to submit a report under Section 99 of the IBC within ten days. However, the IRP failed to file the report in January, when the matter was taken up on 31.01.2025, and even after the entire month of February, the report was still not available. This constitutes a clear lapse on the part of the IRP.
Tribunal iss…
Order dated 20.12.2024…