The case involves applications filed by several applicants (primarily farmers and seed organizers) against the Corporate Debtor, M/s. Vibha Agro Tech Limited, and its Resolution Professional (RP). The applicants claimed that the Interim Resolution Professional (IRP) failed to issue a proper public announcement regarding the Corporate Insolvency Resolution Process (CIRP) in accordance with Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 11 of The National Company Law Tribunal Rules, 2016. The applicants alleged that the IRP did not publish the announcement in all locations where the Corporate Debtor conducted its material business, particularly in states where the farmers and organizers were located, leading to improper collation of
…The Corporate Debtor, M/s. Vibha Agro Tech Limited, is undergoing Corporate Insolvency Resolution Process (CIRP). The applicants, including All India Kisan Sabha and several seed organizers, filed applications alleging that the Interim Resolution Professional (IRP) failed to issue a proper public announcement regarding the CIRP as required by Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 11 of The National Company Law Tribunal Rules, 2016. The applicants claimed that the IRP did not publish the announcement in all locations where the Corporate Debtor conducted its material business, particularly in states like Gujarat, Maharashtra, Karnataka, Andhra Pradesh, Telangana, and Tamil Nadu, where the farmers and seed organizers were located.
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The Corporate Insolvency Resolution Process…
The Corporate Debtor was put into 'Corporate…
The case involves applications filed by several applicants (primarily farmers and seed organizers) against the Corporate Debtor, M/s. Vibha Agro Tech Limited, and its Resolution Professional (RP). The applicants claimed that the Interim Resolution Professional (IRP) failed to issue a proper public announcement regarding the Corporate Insolvency Resolution Process (CIRP) in accordance with Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 11 of The National Company Law Tribunal Rules, 2016. The applicants alleged that the IRP did not publish the announcement in all locations where the Corporate Debtor conducted its material business, particularly in states where the farmers and organizers were located, leading to improper collation of
…The Corporate Debtor, M/s. Vibha Agro Tech Limited, is undergoing Corporate Insolvency Resolution Process (CIRP). The applicants, including All India Kisan Sabha and several seed organizers, filed applications alleging that the Interim Resolution Professional (IRP) failed to issue a proper public announcement regarding the CIRP as required by Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 11 of The National Company Law Tribunal Rules, 2016. The applicants claimed that the IRP did not publish the announcement in all locations where the Corporate Debtor conducted its material business, particularly in states like Gujarat, Maharashtra, Karnataka, Andhra Pradesh, Telangana, and Tamil Nadu, where the farmers and seed organizers were located.
…The Corporate Insolvency Resolution Process…
The Corporate Debtor was put into 'Corporate…