While dismissing two applications filed against a resolution professional for wrongful conduct, Judicial Member Jinan K.R of the Kolkata Bench of NCLT has also reflected his views on the exaggerated insolvency resolution cost of a dying corporate debtor.
On an application filed by Punjab National Bank, Divyajyoti Sponge Iron Ltd. was placed under the corporate insolvency resolution process in August, 2017, with Arun Kumar Gupta as its resolution professional.
On February 14, the creditors committee of Divyajyoti, by a 100% vote, selected the resolution plan submitted by CP Ispat Pvt Ltd. Two other resolution applicants, who had submitted their bids, however, raised objections.
Omkara Infraprojects Pvt Ltd, said that a creditors me…
Read the full article at: https://barandbench.com/nclt-on-belated-submission-and-exaggerated-insolvency-costs/