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Allegation of Fraud in Appointment of IRP as RP Ground for Rejection of Resolution Plan?
M & A Critique
|July 2023
An application filed by Amit Sangal, Proprietor of Nitin Plastic (Operational Creditor of Prince MFG Industries Private Limited) under section 60[5] of the Insolvency and Bankruptcy Code, 2016 read with Rule 11 of National Company Law Tribunal Rules, 2016 against Kairav Anil Trivedi, IRP/RP of the Corporate Debtor and Canara Bank Ltd.,
Facts of the Case:
Member of Committee of Creditor (CoC), seeking following reliefs:
Take cognizance against the Interim (IRP for Resolution Professional committing fraud, perjury, misconduct and omission of material facts
Reject the Resolution Plan which is approved by the CoC)
Direct to Insolvency & Bankruptcy Board of India (IBBI) for taking disciplinary action against IRP
This story is from the July 2023 edition of M & A Critique.
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