The case involves an application under Section 95 of the Insolvency and Bankruptcy Code, 2016. Mr. Kannan Tiruvengadam was initially appointed as the Resolution Professional (RP) on 2022-01-14. However, concerns were raised regarding his eligibility due to his prior involvement as an RP in another related matter (C.P. (IB) No. 1237/KB/2018, Beni Gopal Singh Vs EMC Limited). This prior involvement potentially violated regulations regarding the independence of the RP from the corporate debtor.
An application was filed under Section 95 of the Insolvency and Bankruptcy Code, 2016. Initially, Mr. Kannan Tiruvengadam was appointed as the Resolution Professional (RP) on January 14, 2022. State Bank of India is the Financial Creditor. Shri Sundar Lal Dugar is the Respondent/Guarantor. It was brought to the court's attention that Mr. Kannan Tiruvengadam had previously served as the RP in C.P. (IB) No. 1237/KB/2018 (Beni Gopal Singh Vs EMC Limited). Regulation 4(1)(a) of the IBBI (Insolvency Resolution Process for Personal Guarantors) Regulations, 2019, requires the RP to be independent of the guarantor. Explanation (i)(c) of the same regulation states that a person is not independent if they have acted as an RP in respect of the corporate debtor. The Financial
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Mr. Kannan Tiruvengadam…
The court replaced Mr. Kannan Tiruvengadam…
The case involves an application under Section 95 of the Insolvency and Bankruptcy Code, 2016. Mr. Kannan Tiruvengadam was initially appointed as the Resolution Professional (RP) on 2022-01-14. However, concerns were raised regarding his eligibility due to his prior involvement as an RP in another related matter (C.P. (IB) No. 1237/KB/2018, Beni Gopal Singh Vs EMC Limited). This prior involvement potentially violated regulations regarding the independence of the RP from the corporate debtor.
An application was filed under Section 95 of the Insolvency and Bankruptcy Code, 2016. Initially, Mr. Kannan Tiruvengadam was appointed as the Resolution Professional (RP) on January 14, 2022. State Bank of India is the Financial Creditor. Shri Sundar Lal Dugar is the Respondent/Guarantor. It was brought to the court's attention that Mr. Kannan Tiruvengadam had previously served as the RP in C.P. (IB) No. 1237/KB/2018 (Beni Gopal Singh Vs EMC Limited). Regulation 4(1)(a) of the IBBI (Insolvency Resolution Process for Personal Guarantors) Regulations, 2019, requires the RP to be independent of the guarantor. Explanation (i)(c) of the same regulation states that a person is not independent if they have acted as an RP in respect of the corporate debtor. The Financial
…Mr. Kannan Tiruvengadam…
The court replaced Mr. Kannan Tiruvengadam…