Sintex Industries Ltd.

Mere allegations that IRP/RP has not conducted the CIRP in accordance with law, the order approving the Plan cannot be interfered with – Brijesh Singh Bhadauriya Vs. Pinakin Shah, IRP of Sintex Industries Ltd. & Ors. – NCLAT New Delhi

The Appellant who was shareholder of the Corporate Debtor has come up in this Appeal challenging the Order of the approval of the Resolution Plan by the Adjudicating Authority. NCLAT held that appellant is shareholder and was not part of the process in the CIRP. Suspended Directors were part of the CIRP and were present in the meetings. Any aggrieved persons may approach the CoC for removal of the RP/IRP or to approach the Adjudicating Authority. IRP has conducted the entire process with the approval of the CoC. Resolution Plan has been placed before the Adjudicating Authority, the Plan having been approved by the Adjudicating Authority, commercial wisdom of the COC is not easily to be interfered with in exercise of jurisdiction by the Adjudicating Authority or by this Tribunal. Mere allegations that IRP/RP has not conducted the CIRP in accordance with law, the order approving the Plan can not be interfered with.

Mere allegations that IRP/RP has not conducted the CIRP in accordance with law, the order approving the Plan cannot be interfered with – Brijesh Singh Bhadauriya Vs. Pinakin Shah, IRP of Sintex Industries Ltd. & Ors. – NCLAT New Delhi Read Post »

Whether under the provisions of the Code, the shareholders are entitled to get copy of resolution plan, copy of minutes of CoC meeting and copy of application for approval of resolution plan? – Malay Mahanti & Ors. Vs. Pinakin Shah& Ors. – NCLT Ahmedabad Bench

The Adjudicating Authority held that under the Code only the members of CoC, suspended board of directors and operational creditors whose aggregate dues are more than ten per cent, of the debt are entitled to participate in CoC meeting and have access to copies of all documents relevant to the matters to be discussed and the issues to be voted upon at the meeting. Further Regulation 24 of CIRP Regulation authorises Resolution Professional to circulate minutes of meeting only to participants. Thus, we find no provision under the Code which entitle shareholders of the Corporate Debtor to have a copy of the minutes of CoC meeting or copy of resolution plan or access to any other confidential document with regard to corporate insolvency resolution process of the Corporate Debtor.

Whether under the provisions of the Code, the shareholders are entitled to get copy of resolution plan, copy of minutes of CoC meeting and copy of application for approval of resolution plan? – Malay Mahanti & Ors. Vs. Pinakin Shah& Ors. – NCLT Ahmedabad Bench Read Post »

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