An Interlocutory Application was filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, by the Suspended Board of M/s U.N. Automobile Private Limited against the Interim Resolution Professional and Bank of Baroda, seeking the removal of the IRP and quashing of certain actions.
The applicant, Amit Prakash Gupta, is the suspended director of the corporate debtor, U.N. Automobiles Pvt. Ltd.
The CIRP was initiated on 28.08.2024.
Satyendra Prasad Khorania was appointed as the Interim Resolution Professional (IRP).
Bank of Baroda is the sole member of the Committee of Creditors (CoC).
The applicant alleges that the IRP mechanically admitted an inflated claim of Rs. 250.09 Crores submitted by Bank of Baroda.
The applicant claims that the IRP failed to disclose his relationship with Bank of Baroda, as he is a promoter/director of Enforcement Affiliates Pvt. Ltd., which is empanelled by Bank of Baroda as a recovery agent.
The IRP disclosed that he is an empanelled Insolvency Professional with Bank of Baroda.
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Corporate Insolvency Resolution Process (CIRP)…
Non-Applicant No. 1 issued a public…
An Interlocutory Application was filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, by the Suspended Board of M/s U.N. Automobile Private Limited against the Interim Resolution Professional and Bank of Baroda, seeking the removal of the IRP and quashing of certain actions.
The applicant, Amit Prakash Gupta, is the suspended director of the corporate debtor, U.N. Automobiles Pvt. Ltd.
The CIRP was initiated on 28.08.2024.
Satyendra Prasad Khorania was appointed as the Interim Resolution Professional (IRP).
Bank of Baroda is the sole member of the Committee of Creditors (CoC).
The applicant alleges that the IRP mechanically admitted an inflated claim of Rs. 250.09 Crores submitted by Bank of Baroda.
The applicant claims that the IRP failed to disclose his relationship with Bank of Baroda, as he is a promoter/director of Enforcement Affiliates Pvt. Ltd., which is empanelled by Bank of Baroda as a recovery agent.
The IRP disclosed that he is an empanelled Insolvency Professional with Bank of Baroda.
…Corporate Insolvency Resolution Process (CIRP)…
Non-Applicant No. 1 issued a public…