The case involves an application (I.A 2047/2024) filed by Tejendrakumar Patel & Ors. seeking several reliefs, including the removal of the existing Resolution Professional (Respondent no. 1), appointment of a new independent Resolution Professional, verification of claims of the Respondents, forensic audit of the Corporate Debtor's accounts, and setting aside the admission of claims of Respondent nos. 4 to 20 based on alleged forged promissory notes. The application also challenges the inclusion of related party claims in the Committee of Creditors (CoC). The unsecured creditors' claims arise from unsecured loans reflected as 'other long-term liabilities' in the Corporate Debtor's financials since 2016-2017. The key issue revolves around the admissibility of
…The Corporate Debtor is undergoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016. Tejendrakumar Patel & Ors. filed I.A 2047/2024 seeking the removal of the existing Resolution Professional, appointment of a new one, verification of claims, forensic audit, and setting aside the admission of claims of certain respondents based on alleged forged promissory notes. The Applicant claims that the Committee of Creditors (CoC) is comprised of family members and relatives of the suspended management and ex-directors of the Corporate Debtor. The Applicant also alleges that the claims of some creditors are based on fabricated promissory notes with a 24% interest rate, which is not reflected in the Corporate Debtor's accounts. The
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The Company Petition…
The Tribunal held that the interest claimed…
The case involves an application (I.A 2047/2024) filed by Tejendrakumar Patel & Ors. seeking several reliefs, including the removal of the existing Resolution Professional (Respondent no. 1), appointment of a new independent Resolution Professional, verification of claims of the Respondents, forensic audit of the Corporate Debtor's accounts, and setting aside the admission of claims of Respondent nos. 4 to 20 based on alleged forged promissory notes. The application also challenges the inclusion of related party claims in the Committee of Creditors (CoC). The unsecured creditors' claims arise from unsecured loans reflected as 'other long-term liabilities' in the Corporate Debtor's financials since 2016-2017. The key issue revolves around the admissibility of
…The Corporate Debtor is undergoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016. Tejendrakumar Patel & Ors. filed I.A 2047/2024 seeking the removal of the existing Resolution Professional, appointment of a new one, verification of claims, forensic audit, and setting aside the admission of claims of certain respondents based on alleged forged promissory notes. The Applicant claims that the Committee of Creditors (CoC) is comprised of family members and relatives of the suspended management and ex-directors of the Corporate Debtor. The Applicant also alleges that the claims of some creditors are based on fabricated promissory notes with a 24% interest rate, which is not reflected in the Corporate Debtor's accounts. The
…The Company Petition…
The Tribunal held that the interest claimed…