The case involves an application (IA 855/2024) filed in an ongoing Corporate Insolvency Resolution Process (CIRP) concerning Vindhyavasini Ispat Industries Private Limited. The application was filed by the Financial Creditor seeking rectification of certain clerical errors in a previous order dated 22.12.2023. These errors primarily relate to the incorrect naming of the Corporate Debtor and inaccuracies in financial figures. Additionally, the application seeks the replacement of the Interim Resolution Professional (IRP) due to the expiry of the Authorization for Assignment (AFA) of the initially appointed IRP, Mr. Naren Sheth, and exclusion of the CIRP period lost.
The State Bank of India initiated CIRP against Vindhyavasini Ispat Industries Private Limited. An order was passed on 22.12.2023. IA 855/2024 was filed to rectify clerical errors in the order, including the incorrect name and CIN of the Corporate Debtor, and incorrect financial figures. The initial order incorrectly named the Corporate Debtor as 'Vindhyavasini Corporation Private Limited' instead of 'Vindhyavasini Ispat Industries Private Limited'. The CIN was also incorrect. The amount of default was also recorded incorrectly. The Authorization for Assignment (AFA) of the initially appointed IRP, Mr. Naren Sheth, expired on 23.12.2023. The applicant sought replacement of the IRP and exclusion of the CIRP period lost due to these issues. The correct amount default was
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The case involves an application (IA 855/2024) filed in an ongoing Corporate Insolvency Resolution Process (CIRP) concerning Vindhyavasini Ispat Industries Private Limited. The application was filed by the Financial Creditor seeking rectification of certain clerical errors in a previous order dated 22.12.2023. These errors primarily relate to the incorrect naming of the Corporate Debtor and inaccuracies in financial figures. Additionally, the application seeks the replacement of the Interim Resolution Professional (IRP) due to the expiry of the Authorization for Assignment (AFA) of the initially appointed IRP, Mr. Naren Sheth, and exclusion of the CIRP period lost.
The State Bank of India initiated CIRP against Vindhyavasini Ispat Industries Private Limited. An order was passed on 22.12.2023. IA 855/2024 was filed to rectify clerical errors in the order, including the incorrect name and CIN of the Corporate Debtor, and incorrect financial figures. The initial order incorrectly named the Corporate Debtor as 'Vindhyavasini Corporation Private Limited' instead of 'Vindhyavasini Ispat Industries Private Limited'. The CIN was also incorrect. The amount of default was also recorded incorrectly. The Authorization for Assignment (AFA) of the initially appointed IRP, Mr. Naren Sheth, expired on 23.12.2023. The applicant sought replacement of the IRP and exclusion of the CIRP period lost due to these issues. The correct amount default was
…Initial order passed…
Authorization for Assignment (AFA) of the…