The case involves an application for the replacement of Mr. Rakesh Kumar Gupta as the Resolution Professional (RP) in the Corporate Insolvency Resolution Process (CIRP) of Three C Universal Developers Pvt. Ltd. The application was filed due to the suspension of Mr. Gupta by the IBBI. The Tribunal considered the submissions of the parties and the order passed by the IBBI suspending Mr. Gupta.
The Corporate Insolvency Resolution Process (CIRP) of Three C Universal Developers Pvt. Ltd. was underway. Mr. Rakesh Kumar Gupta was serving as the Resolution Professional (RP). The IBBI passed an order suspending Mr. Rakesh Kumar Gupta. An application was filed seeking the replacement of Mr. Rakesh Kumar Gupta as the RP. The State Bank of India moved an application for early hearing due to concerns about the continuation of the existing RP and his competence. The Tribunal considered the submissions of the parties, including the order of suspension passed by the IBBI and the judgment of the NCLAT. The Tribunal noted that Mr. Gupta had erred in constituting the Committee of Creditors (CoC) and had breached timelines in inviting Expression of Interest. The Tribunal also
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IBBI passed a…
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The case involves an application for the replacement of Mr. Rakesh Kumar Gupta as the Resolution Professional (RP) in the Corporate Insolvency Resolution Process (CIRP) of Three C Universal Developers Pvt. Ltd. The application was filed due to the suspension of Mr. Gupta by the IBBI. The Tribunal considered the submissions of the parties and the order passed by the IBBI suspending Mr. Gupta.
The Corporate Insolvency Resolution Process (CIRP) of Three C Universal Developers Pvt. Ltd. was underway. Mr. Rakesh Kumar Gupta was serving as the Resolution Professional (RP). The IBBI passed an order suspending Mr. Rakesh Kumar Gupta. An application was filed seeking the replacement of Mr. Rakesh Kumar Gupta as the RP. The State Bank of India moved an application for early hearing due to concerns about the continuation of the existing RP and his competence. The Tribunal considered the submissions of the parties, including the order of suspension passed by the IBBI and the judgment of the NCLAT. The Tribunal noted that Mr. Gupta had erred in constituting the Committee of Creditors (CoC) and had breached timelines in inviting Expression of Interest. The Tribunal also
…IBBI passed a…
Tribunal passed an…