The case involves an Interlocutory Application (I.A. No. 828 of 2023) filed by Khemani Distributors and Marketing Ltd, the Applicant, against Mr. Huzefa Sitabkhan, the Respondent, under Section 60(5) of the Insolvency & Bankruptcy Code, 2016, seeking directions and reliefs related to the Corporate Insolvency Resolution Process (CIRP) of Zicom Electronic Security Systems Ltd. The Applicant challenges the CoC's decision to re-invite expressions of interest (EoI) and alleges irregularities in the CIRP process, claiming that the CoC's actions violate the IBC and regulations. The Applicant seeks to set aside the CoC's decision made in its 19th meeting on August 18, 2023, which allegedly approved another resolution plan and declared the Applicant as unsuccessful. The
…1. Khemani Distributors and Marketing Ltd. (Applicant) filed an application challenging the CIRP process of Zicom Electronic Security Systems Ltd. (Corporate Debtor).
2. The Applicant submitted a resolution plan in the first round of CIRP, but the CoC decided to re-invite Expressions of Interest (EoIs) due to low valuation of the initial plans.
3. The Applicant participated in the second round of EoIs and submitted another resolution plan.
4. The Applicant alleges that the CoC's decision to re-invite EoIs without voting on the initial plan was illegal and violated the IBC.
5. The RP and CoC argue that the re-run of the CIRP process was necessary to maximize the value of the Corporate Debtor's assets, as the initial plans were below fair and liquidation value.
6. The CoC
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Respondent No.1…
RP issued the…
The case involves an Interlocutory Application (I.A. No. 828 of 2023) filed by Khemani Distributors and Marketing Ltd, the Applicant, against Mr. Huzefa Sitabkhan, the Respondent, under Section 60(5) of the Insolvency & Bankruptcy Code, 2016, seeking directions and reliefs related to the Corporate Insolvency Resolution Process (CIRP) of Zicom Electronic Security Systems Ltd. The Applicant challenges the CoC's decision to re-invite expressions of interest (EoI) and alleges irregularities in the CIRP process, claiming that the CoC's actions violate the IBC and regulations. The Applicant seeks to set aside the CoC's decision made in its 19th meeting on August 18, 2023, which allegedly approved another resolution plan and declared the Applicant as unsuccessful. The
…1. Khemani Distributors and Marketing Ltd. (Applicant) filed an application challenging the CIRP process of Zicom Electronic Security Systems Ltd. (Corporate Debtor).
2. The Applicant submitted a resolution plan in the first round of CIRP, but the CoC decided to re-invite Expressions of Interest (EoIs) due to low valuation of the initial plans.
3. The Applicant participated in the second round of EoIs and submitted another resolution plan.
4. The Applicant alleges that the CoC's decision to re-invite EoIs without voting on the initial plan was illegal and violated the IBC.
5. The RP and CoC argue that the re-run of the CIRP process was necessary to maximize the value of the Corporate Debtor's assets, as the initial plans were below fair and liquidation value.
6. The CoC
Respondent No.1…
RP issued the…