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TMI Blog2020 (7) TMI 776X X X X Extracts X X X X X X X X Extracts X X X X ..... /RP to break any kind of stalemate between the Financial Creditors. Moreover, the very object of IB Code is to complete the CIRP in the time bound manner and if the dispute with regard to the IRP will continue, in that event, the very object of the IB Code will get frustrated. The IB Code prescribes timelines for various activities of the CIRP. It is mandatory to complete a CIRP within 180 days, extendable by a one-time extension of up to 90 days. Though as per Section 7 of the IB Code, the Financial Creditor has the prerogative to propose the name of the IRP/RP and thereafter, they may change it by filing an application under Section 22 of the IB Code - However, to resolve this issue and to end the stalemate between the secured and unse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Financial Institutions and Corporates. Consequent upon which, the total voting share of Financial Institutions in CoC was 36.53% whereas the total voting share of Non Financial Institutions/ Corporates was 63.47%. 2.3 The Applicant and the other creditors that are Financial Institutions, being alarmed with respect to the list of creditors, raised their concern in relation to the eligibility of the Corporates mentioned in the list of creditors. The Applicant is of the view that the correct classification of the creditors is critical to the constitution of CoC. The Applicant along with the other creditor requested the IRP to provide clarity on whether the verification for all these creditors, who are Non Financial Institutions, has been co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The Applicant submitted that on the request of the Applicant and consortium of Banks, a forensic audit report have been prepared by Mr. Haribhakti Co. LLP on Tayal group of companies, of which the Corporate Debtor is a part (Forensic Report). It is indicated in forensic report that certain entities such as Rajdeep Clothing Advisory Private Limited, Tanvish Trading Private Limited and Express Suiting Private Limited, all of whom are included in the list of creditors are related /interested parties of the Corporate Debtor. 2.7 It is further submitted that from the information available on Ministry of Corporate Affairs website, it is seen that the Express Suiting Private Limited, Avery Procon Private Limited and Shakti Procon Private L ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reason as to why Charms Holding Private Limited is not required to be included in the list of Financial Creditors, particularly when the entire claim was duly supported with all the required documents. It is further submitted that the allegation made in the application is false as the same is not supported by any documentary evidences. It is submitted that the Applicant is trying to bring his own IRP/RP and therefore, filed the instant application. 6. One M/s. Abhinandan Multitrade Private Limited has also filed the reply claiming himself to be the financial creditor. The IRP/RP after scrutinizing, admitted his claim to the tune of ₹ 127.42 crores and accordingly, he has attended 1st CoC meeting held on 16.10.2019. It is further su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r, there was Lockdown and the instant application was heard De- novo on the request of the other Financial Creditors. Thereafter, another 90 days has also been expired, if lockdown period is not considered. 11. Under such circumstances, when there is a conflict and no consensus is reached by the majority of voting share to appoint the IRP/RP so proposed by the Applicant, it is expedient to appoint an independent IRP/RP to break any kind of stalemate between the Financial Creditors. Moreover, the very object of IB Code is to complete the CIRP in the time bound manner and if the dispute with regard to the IRP will continue, in that event, the very object of the IB Code will get frustrated. The IB Code prescribes timelines for various activ ..... X X X X Extracts X X X X X X X X Extracts X X X X
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