Scope of the Report of IRP - IRP was appointed on application ...

Case Laws Insolvency and Bankruptcy

April 15, 2024

Scope of the Report of IRP - IRP was appointed on application under Section 94(1) - After appointing an Interim Resolution Professional (IRP) and receiving a report recommending acceptance of the petition, various applications were filed by the Financial Creditor challenging the application's legitimacy. The Debtor contested these objections, asserting the validity of the IRP's report. The Tribunal scrutinized the facts and found potential bias in the IRP's conclusions, ultimately concluding that the application seemed to be a strategic move by the Debtor to benefit from the moratorium and delay recovery proceedings. As a result, the Tribunal rejected the application and accompanying report, along with dismissing other related applications.

View Source

← Previous Next →

Scope of the Report of IRP - IRP was appointed on application ...

Case Laws Insolvency and Bankruptcy

April 15, 2024

You may also like:

Filing of forms in the Registry (MCA-21) by the Insolvency Professional (Interim Resolution Professional (IRP) or Resolution Professional (RP) or Liquidator) appointed...

Filing of forms in the Registry (MCA-21) by the Insolvency Professional (Interim Resolution Professional (IRP) or Resolution Professional (RP) or Liquidator) appointed...

The Government of India, Ministry of Finance, Department of Revenue, Chennai Customs Commissionerate has appointed a panel of approved Valuers/Assayers for valuing Gold,...

The NCLAT held that the NCLT erred in unilaterally changing the appointed date from 1.4.2019 to 1.4.2020 while admitting the scheme of arrangement. The application was...

Approval of Resolution plan - assigning nil value to Intangible assets is an error on the face of the two Valuation Reports and hence a fresh valuer needs to be...

Inability on the part of Liquidator to take up the assignment - corporate insolvency resolution process (CIRP) - Interim Resolution Professional (IRP) - Penalty equal to...

The Appellate Tribunal found the Interim Resolution Professional's (IRP) conduct to be biased, premeditated, and authoritarian, violating the core objectives and...

Appointment of Additional Director or independent Director - incorrect declaration in the aforesaid Form DIR-12 or not - The subsequent documents along with the...

Resolution Process - exclusion of 35 days of delay in appointing the ‘Resolution Professional’ in place of the ‘Interim Resolution Professional’ and the period during...

Corporate insolvency resolution proceedings involved intervention by Greenopolis Welfare Confederation. Court permitted Interim Resolution Professional (IRP) to...

Appointment of RP - we are not accepting the fear expressed by the Appellant that how could the Resolution Professional appointed by the Creditor itself if appointed by...

The Adjudicating Authority erred by dismissing the Section 95 application without appointing a Resolution Professional and following the statutory process under the...

Scope and power of the Commissioner / Panch appointed by the court - When a court issues such a commission to such a person, it can direct the commissioner to make such...

This case deals with the extinguishment of demands due to the non-filing of claims by the revenue during the Corporate Insolvency Resolution Process (CIRP) under the...

Replacement of the Appellant with another Resolution Professional - When the Resolution has been passed by the CoC in accordance with the provisions of the IBC deciding...

Quick Updates: