Remanded

In the matter of Parenteral Drugs (India) Ltd. Ia 1874-2023 (New Ia) in C.P. (IB)-690(MB)2020

NCLT11 May 2023

Case brief

AI extract

What is this about?

This hearing order records the non-appearance of the Resolution Professional after being requested to join proceedings. The matter was adjourned to a later date to provide a final fair opportunity for the Resolution Professional to explain the refusal to appear.

What did the court decide?

Matter listed for further hearing; direction to serve application on Resolution Professional.

In the matter of Parenteral Drugs (India) Ltd. Ia… — Insolvency and Bankruptcy | NCLT (2023)

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NATIONAL COMPANY LAW TRIBUNAL COURT-I, MUMBAI BENCH

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Item No. 3

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IA 1874/2023 (NEW IA) in C.P. (IB)/690(MB)2020

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CORAM:

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MS. ANU JAGMOHAN SINGH SH. H. V. SUBBA RAO HON’BLE MEMBER (TECHNICAL) HON’BLE MEMBER (JUDICIAL)

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ORDER SHEET OF THE HEARING ON 11.05.2023

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NAME OF THE PARTIES: PUNJAB NATIONAL BANK VS PARENTERAL DRUGS INDIA LTD

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Section 60(5) & 7 of the Insolvency and Bankruptcy Code, 2016

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________________________________________________________________ ORDER

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IA 1874/2023

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First Call : Mr. Shriraj Khambete, Ld. Counsel for the Applicant is

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present. None present for the Resolution Professional of the

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Corporate Debtor. The matter is kept back for want of

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Appearance of the Resolution Professional of the Corporate Debtor.

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Second Call : Ld. Counsel for the Applicant has expressed unhappiness

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about the conduct by the Interim Resolution Professional of

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the Corporate Debtor, Mr. Kairav Anil Trivedi, having

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Registration No. IBBI/IPA-002/IP-N00728/2018-

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2019/12332 , having E-mail Id:

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[email protected], Mob: 9987330793, in

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conducting the Corporate Insolvency Resolution Process. At

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this juncture, this Tribunal having noticed the absence of the Interim Resolution Professional and the urgency pleaded by the Applicant; requested the Applicant to inform the Interim Resolution Professional to join in the Video Conference proceedings and apprise the Bench as a direction from the Bench and kept back the matter for a while. Thereafter, the matter was again called out on Board and the Counsel appearing for the Applicant informed that the Interim Resolution Professional has bluntly refused to appear on the pretext that a copy of the present Interlocutory Application filed by the Applicant has not been served upon him.

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This Bench has taken very serious note regarding the conduct of the Interim Resolution Professional and has no option except to believe that the Interim Resolution Professional in mis-conducting the Corporate Insolvency Resolution Process as complained by the Applicant herein.

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However, in order to give one more fair opportunity to the Interim Resolution Professional, the matter is ordered to be listed on Board on 12.05.2023, with further direction to the Counsel appearing for the Applicant to serve a copy of the present Interlocutory Application on the Interim Resolution Professional and once again inform the Interim Resolution

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Professional to remain present in the Court physically tomorrow. List this matter on Board on 12.05.2023, for further consideration and hearing. Registry is directed to retain the position of this matter High on Board on tomorrow.

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Sd/-

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Sd/-

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ANU JAGMOHAN SINGH MEMBER (TECHNICAL)

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H. V. SUBBA RAO MEMBER (JUDICIAL)

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Vedant Kedare

In the matter of Parenteral Drugs (India) Ltd. Ia 1874-2023 (New Ia) in C.P. (IB)-690(MB)2020

Case brief

What is this about?

What did the court decide?

In the matter of Parenteral Drugs (India) Ltd. Ia 1874-2023 (New Ia) in C.P. (IB)-690(MB)2020

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

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