Insolvency and Bankruptcy

    Posted By : Shiriti / Published on : 15-Apr-2018 05:57 AM / View : 117 / Comment : 1
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    What are the grounds for removal of a member of Insolvency and Bankruptcy Board of India?
    Read more on : bankruptcy insolvency

    • Please read the below case-

      In ‘Devendra Padamchand Jain V. State Bank of India and others’ [ 2018 (6) TMI 1063 - NCLAT, New Delhi] Company Appeal (AT) (Insolvency) No. 177/2017, decided on 31.01.2018, the appeal has been preferred by Mr. Devendra Padamchand Jain, the then Resolution Professional of VNR Infrastructures Limited (Corporate Debtor) against the order dated 24th August, 2017 whereby and where under the Adjudicating Authority (National Company Law Tribunal) Hyderabad Bench, Hyderabad passed order under Section 33 (1) and 34(1) of the Insolvency and Bankruptcy Code, 2016 removed the appellant and appointed one Mr. T.S.N. Raja, as liquidator.  The reasons put forth by the Adjudicating Authority for removal of the appellant are-

      • The Bench is of the prima facie view that the existing RP has not assisted the Adjudicating Authority to the satisfaction during various hearings held.
      • Though 180 days expires on 09-08-2017 to complete the CIRP process, the RP scheduled a last meeting on 07-08- 2017. However, in view of the advice of the Bench the last CoC meeting was preponed and held on 25-07-2017 and the current C.A. was filed only on 01-08-2017 praying for liquidation of the corporate debtor.
      • in view of our observations made supra the Adjudicating Authority would like to appoint the liquidator after obtaining the name of the liquidator from the Board / Insolvency and Bankruptcy Board of India (IBBI) for replacing the existing resolution professional.

      Read more at https://indiacode.nic.in/bitstream/123456789/2154/1/A2016-31.pdf 

      23-09-2018 / 07:29:34 PM
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