The case involves an application (I.A.No.184/2024) filed by the suspended Board of Directors of a Corporate Debtor, M/s Sovereign Industries Ltd., seeking the rejection of a Resolution Plan approved by the Committee of Creditors (CoC). The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following a petition filed by M/s Triveni Education Society under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The applicants argue that the CoC approved the Resolution Plan after the CIRP period had expired and without obtaining the necessary extensions from the Adjudicating Authority, rendering the CoC functus officio. They also allege collusion between the Resolution Professional (RP), the CoC, and the successful Resolution
…M/s Triveni Education Society filed a company petition under Section 7 of the IBC, leading to the initiation of CIRP against M/s Sovereign Industries Ltd. The NCLT admitted the Corporate Debtor into CIRP on 28.03.2023. Mr. Konduru Prasanth Raju was initially appointed as the Interim Resolution Professional (IRP) and was later replaced by Mr. Ritesh R. Mahajan as the Resolution Professional (RP). The CIRP period of 180 days expired on 24.09.2023. The Applicant filed I.A.No.731/2023 seeking an extension of the CIRP period. The Hon'ble Tribunal allowed the extension up to 22.12.2023. The CoC approved resolutions for the extension of the CIRP period by 60 days from 22.12.2023 and for the exclusion of 25 days from the CIRP period. The RP filed I.A. No.46/2024 seeking
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The Corporate Debtor…
The initial CIR…
The case involves an application (I.A.No.184/2024) filed by the suspended Board of Directors of a Corporate Debtor, M/s Sovereign Industries Ltd., seeking the rejection of a Resolution Plan approved by the Committee of Creditors (CoC). The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following a petition filed by M/s Triveni Education Society under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The applicants argue that the CoC approved the Resolution Plan after the CIRP period had expired and without obtaining the necessary extensions from the Adjudicating Authority, rendering the CoC functus officio. They also allege collusion between the Resolution Professional (RP), the CoC, and the successful Resolution
…M/s Triveni Education Society filed a company petition under Section 7 of the IBC, leading to the initiation of CIRP against M/s Sovereign Industries Ltd. The NCLT admitted the Corporate Debtor into CIRP on 28.03.2023. Mr. Konduru Prasanth Raju was initially appointed as the Interim Resolution Professional (IRP) and was later replaced by Mr. Ritesh R. Mahajan as the Resolution Professional (RP). The CIRP period of 180 days expired on 24.09.2023. The Applicant filed I.A.No.731/2023 seeking an extension of the CIRP period. The Hon'ble Tribunal allowed the extension up to 22.12.2023. The CoC approved resolutions for the extension of the CIRP period by 60 days from 22.12.2023 and for the exclusion of 25 days from the CIRP period. The RP filed I.A. No.46/2024 seeking
…The Corporate Debtor…
The initial CIR…