The case involves multiple applications challenging the continuation of Mr. Pramod Kumar Sharma as Resolution Professional (RP) and the approval of a resolution plan for M/s International Recreation and Amusement Ltd., the Corporate Debtor. Concerns were raised regarding the RP's conduct, including alleged collusion, failure to convene Committee of Creditors (CoC) meetings for RP replacement despite requests from financial creditors, and dereliction of duty in assessing the eligibility and changes in the composition of the Resolution Applicant (SRA). The SRA's resolution plan, which initially failed to secure the requisite vote share, underwent significant changes in its constituent entities without proper disclosure to the CoC. The Insolvency and Bankruptcy Board of
…Col. Sanjeev Dalal (Retd.) is the Petitioner/Financial Creditor in the main case CP (IB) NO. 297/(PB)/2018.
M/s International Recreation and Amusement Ltd. is the Respondent/Corporate Debtor.
Multiple applications (IAs) were filed questioning the continuation of Mr. Pramod Kumar Sharma as RP and the resolution plan.
The RP conducted the 10th CoC meeting without ascertaining if 33% of allottees had requested for his replacement, despite NCLAT directions.
The NCLAT order dated 26.09.2025 directed the Authorized Representative (AR) for Financial Creditors to ascertain if 33% of allottees requested a CoC meeting for RP replacement.
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The 1st CoC meeting was held, and voting on…
The adjourned 1st CoC meeting took place,…
The case involves multiple applications challenging the continuation of Mr. Pramod Kumar Sharma as Resolution Professional (RP) and the approval of a resolution plan for M/s International Recreation and Amusement Ltd., the Corporate Debtor. Concerns were raised regarding the RP's conduct, including alleged collusion, failure to convene Committee of Creditors (CoC) meetings for RP replacement despite requests from financial creditors, and dereliction of duty in assessing the eligibility and changes in the composition of the Resolution Applicant (SRA). The SRA's resolution plan, which initially failed to secure the requisite vote share, underwent significant changes in its constituent entities without proper disclosure to the CoC. The Insolvency and Bankruptcy Board of
…Col. Sanjeev Dalal (Retd.) is the Petitioner/Financial Creditor in the main case CP (IB) NO. 297/(PB)/2018.
M/s International Recreation and Amusement Ltd. is the Respondent/Corporate Debtor.
Multiple applications (IAs) were filed questioning the continuation of Mr. Pramod Kumar Sharma as RP and the resolution plan.
The RP conducted the 10th CoC meeting without ascertaining if 33% of allottees had requested for his replacement, despite NCLAT directions.
The NCLAT order dated 26.09.2025 directed the Authorized Representative (AR) for Financial Creditors to ascertain if 33% of allottees requested a CoC meeting for RP replacement.
…The 1st CoC meeting was held, and voting on…
The adjourned 1st CoC meeting took place,…