The case involves an interlocutory application filed by Raj Kumar Sahani, an ex-director and shareholder of Vibrant Buildwell Private Limited (Corporate Debtor), seeking to place additional documents and grounds on record. The applicant had previously filed I.A./4173/ND/2023 in C.P.(IB)/983/ND/2020 challenging the approval of the Resolution Plan approved by the Committee of Creditors (CoC). The applicant contends that the Resolution Professional's decision to register the Corporate Debtor as a MSME after the commencement of CIRP is illegal and intended to benefit a related party, Bishwanath Traders and Investments Limited, allowing them to escape ineligibility under Section 29A of the Code, 2016.
Raj Kumar Sahani, an ex-director and shareholder of Vibrant Buildwell Private Limited (Corporate Debtor), filed an interlocutory application seeking to place additional documents on record. Sahani had previously filed I.A./4173/ND/2023 challenging the approval of the Resolution Plan. The CoC had considered registering the Corporate Debtor as an MSME in its 4th meeting. The Resolution Professional informed the members about the benefits of MSME registration, including collateral-free credit and protection against delayed payments. Sahani argued that the Resolution Professional's decision to register the Corporate Debtor as a MSME after the commencement of CIRP was illegal and intended to benefit Bishwanath Traders and Investments Limited, a related party, allowing them
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The Committee of Creditors considered and…
The Adjudicating…
The case involves an interlocutory application filed by Raj Kumar Sahani, an ex-director and shareholder of Vibrant Buildwell Private Limited (Corporate Debtor), seeking to place additional documents and grounds on record. The applicant had previously filed I.A./4173/ND/2023 in C.P.(IB)/983/ND/2020 challenging the approval of the Resolution Plan approved by the Committee of Creditors (CoC). The applicant contends that the Resolution Professional's decision to register the Corporate Debtor as a MSME after the commencement of CIRP is illegal and intended to benefit a related party, Bishwanath Traders and Investments Limited, allowing them to escape ineligibility under Section 29A of the Code, 2016.
Raj Kumar Sahani, an ex-director and shareholder of Vibrant Buildwell Private Limited (Corporate Debtor), filed an interlocutory application seeking to place additional documents on record. Sahani had previously filed I.A./4173/ND/2023 challenging the approval of the Resolution Plan. The CoC had considered registering the Corporate Debtor as an MSME in its 4th meeting. The Resolution Professional informed the members about the benefits of MSME registration, including collateral-free credit and protection against delayed payments. Sahani argued that the Resolution Professional's decision to register the Corporate Debtor as a MSME after the commencement of CIRP was illegal and intended to benefit Bishwanath Traders and Investments Limited, a related party, allowing them
…The Committee of Creditors considered and…
The Adjudicating…