2022 (4) TMI 998

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... Member (J) And Prasanta Kumar Mohanty, Member (T) For the Appellant : Party-in-Person For the Respondents : B. V. S. Reddy , IRP ORDER Rohit Kapoor, Member (J) 1. Matter is taken up through video conferencing. Heard both the sides. 2. The present application is filed under Section 22(3)(b) of the Insolvency and Bankruptcy Code, 2016, by the Punjab National Bank (Financial Credit....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ro Products Pvt. Ltd. under Section 10 of the IBC was admitted by this Hon'ble Tribunal by Order dated 16.08.2021. This Tribunal also appointed Shri Vakati Balasubramaniam Reddy as an Interim Resolution Professional (IRP) to oversee the Corporate Insolvency Resolution Process (CIRP) and to perform the necessary connected duties and obligations in accordance with the Code and the Rules and Regu....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....not less than 75% of the voting share of the Financial Creditors. The CoC resolution dated 09.02.2022 is supported by 100% voting share as the Punjab National Bank is the sole Financial Creditor present in the CoC and the other members of the CoC do not have any voting rights. A copy of the Resolution dated 09.02.2022 along with minutes of the CoC meeting are annexed with the Application marked as....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....rusal of the records, Shri Purshotam Gaggar is hereby appointed having Regd. IBBI/IPA-001/IP-P00487/2017-18/10875 as the RP of the CD replacing the present IRP Mr. Vakati Balasubramaniam Reddy with immediate effect i.e. from today as approved by the COC with 100% voting. The outgoing IRP is to handover all papers, documents within two days from the date of this Order. The new RP shall perform all ....