The case pertains to a contempt application filed by the Interim Resolution Professional (IRP) of SSB Structural and Galvanising Private Limited against Mr. Basanthlal Shah, the sole member of the Committee of Creditors (CoC), for wilful disobedience of an order dated 13.12.2022 passed in IA 325 of 2022 in CP(IB) No. 720/9/HDB/2019. The order directed the respondent to pay Rs. 14,40,000/- and Rs. 3,60,000/- towards expenses incurred by the applicant. The Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor was initiated on 28.07.2021, and the applicant was appointed as IRP on 27.08.2021. The IRP had collated claims and constituted the CoC.
The Interim Resolution Professional (IRP) of SSB Structural and Galvanising Private Limited filed a contempt application against Mr. Basanthlal Shah, the sole member of the Committee of Creditors (CoC). The CIRP was initiated on 28.07.2021, with the applicant appointed as IRP on 27.08.2021. The IRP incurred expenses of Rs.3,60,000/- from 01.10.2021 to 24.10.2021, which was placed before the CoC in its first meeting on 30.10.2021. The respondent dissented and did not approve the expenses. The applicant then filed IA 325 of 2022, claiming Rs.3,60,000/- and a further Rs.14,40,000/- incurred from 01.10.2021 until the filing of the IA. IA 325 of 2022 was allowed on 13.12.2022, directing the CoC to pay the amount. The applicant informed the respondent of the order via email
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The case pertains to a contempt application filed by the Interim Resolution Professional (IRP) of SSB Structural and Galvanising Private Limited against Mr. Basanthlal Shah, the sole member of the Committee of Creditors (CoC), for wilful disobedience of an order dated 13.12.2022 passed in IA 325 of 2022 in CP(IB) No. 720/9/HDB/2019. The order directed the respondent to pay Rs. 14,40,000/- and Rs. 3,60,000/- towards expenses incurred by the applicant. The Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor was initiated on 28.07.2021, and the applicant was appointed as IRP on 27.08.2021. The IRP had collated claims and constituted the CoC.
The Interim Resolution Professional (IRP) of SSB Structural and Galvanising Private Limited filed a contempt application against Mr. Basanthlal Shah, the sole member of the Committee of Creditors (CoC). The CIRP was initiated on 28.07.2021, with the applicant appointed as IRP on 27.08.2021. The IRP incurred expenses of Rs.3,60,000/- from 01.10.2021 to 24.10.2021, which was placed before the CoC in its first meeting on 30.10.2021. The respondent dissented and did not approve the expenses. The applicant then filed IA 325 of 2022, claiming Rs.3,60,000/- and a further Rs.14,40,000/- incurred from 01.10.2021 until the filing of the IA. IA 325 of 2022 was allowed on 13.12.2022, directing the CoC to pay the amount. The applicant informed the respondent of the order via email
…The Corporate…
The applicant was…