State Bank of India filed an application seeking to replace the Liquidator of Suryajyothi Spinning Mills Limited, the Corporate Debtor, with Mr. Madhusudhan Rao Gonugunta.
State Bank of India filed an application to replace the Liquidator of Suryajyothi Spinning Mills Limited.
The Applicant (State Bank of India) holds a majority voting share in the Committee of Creditors (CoC).
The Applicant cited a lack of confidence in the current Liquidator and alleged delays in the liquidation process.
The Liquidator argued that the application was not maintainable without specific allegations of wrongdoing.
The Liquidator was appointed by the Tribunal, not by suggestion from stakeholders.
The Corporate Debtor was ordered for liquidation after the CIRP process.
The Applicant had not filed its claim or relinquished its security interest to be part of the Consultation Committee.
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The CoC confirmed the…
The Corporate Debtor…
State Bank of India filed an application seeking to replace the Liquidator of Suryajyothi Spinning Mills Limited, the Corporate Debtor, with Mr. Madhusudhan Rao Gonugunta.
State Bank of India filed an application to replace the Liquidator of Suryajyothi Spinning Mills Limited.
The Applicant (State Bank of India) holds a majority voting share in the Committee of Creditors (CoC).
The Applicant cited a lack of confidence in the current Liquidator and alleged delays in the liquidation process.
The Liquidator argued that the application was not maintainable without specific allegations of wrongdoing.
The Liquidator was appointed by the Tribunal, not by suggestion from stakeholders.
The Corporate Debtor was ordered for liquidation after the CIRP process.
The Applicant had not filed its claim or relinquished its security interest to be part of the Consultation Committee.
…The CoC confirmed the…
The Corporate Debtor…