The Applicants filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking to declare the Committee of Creditors (CoC) voting process null and void, remove the Resolution Professional (RP), appoint a new RP, investigate alleged misconduct, and initiate a fresh voting process. The primary grievances included alleged information asymmetry, canvassing by Corporate Debtor employees (Mr. Devender Bhardwaj and Mr. Vivek Sharma) in favor of the ex-promoters' resolution plan, circulation of conflicting compliance reports, and the conduct of the e-voting process during the Diwali holiday period.
The Applicants filed I.A. 5202/ND/2025 under Section 60(5) of the IBC, 2016, seeking various reliefs.
Reliefs sought included declaring the CoC voting process (19.10.2025-21.10.2025) null and void, removing RP Narender Kumar Sharma, appointing a new RP, investigating the conduct of the RP and his appointees (Mr. Devender Bardwaj, Mr. Vivek Sharma), and initiating a new, fair voting process.
On 29.05.2025, the RP published Form-G inviting Expressions of Interest (EOI) from prospective resolution applicants.
The Applicant, Consortium of AKB Ventures LLP and Sustainable Projects Private Limited, submitted its EOI under Category 1 on 12.06.2025 and deposited INR 50,00,000/- as Earnest Money Deposit (EMD).
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The Respondent (RP) published Form-G…
The Applicant submitted its EOI under Category…
The Applicants filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking to declare the Committee of Creditors (CoC) voting process null and void, remove the Resolution Professional (RP), appoint a new RP, investigate alleged misconduct, and initiate a fresh voting process. The primary grievances included alleged information asymmetry, canvassing by Corporate Debtor employees (Mr. Devender Bhardwaj and Mr. Vivek Sharma) in favor of the ex-promoters' resolution plan, circulation of conflicting compliance reports, and the conduct of the e-voting process during the Diwali holiday period.
The Applicants filed I.A. 5202/ND/2025 under Section 60(5) of the IBC, 2016, seeking various reliefs.
Reliefs sought included declaring the CoC voting process (19.10.2025-21.10.2025) null and void, removing RP Narender Kumar Sharma, appointing a new RP, investigating the conduct of the RP and his appointees (Mr. Devender Bardwaj, Mr. Vivek Sharma), and initiating a new, fair voting process.
On 29.05.2025, the RP published Form-G inviting Expressions of Interest (EOI) from prospective resolution applicants.
The Applicant, Consortium of AKB Ventures LLP and Sustainable Projects Private Limited, submitted its EOI under Category 1 on 12.06.2025 and deposited INR 50,00,000/- as Earnest Money Deposit (EMD).
…The Respondent (RP) published Form-G…
The Applicant submitted its EOI under Category…