Saturday , Sept. 28, 2024, 7:01 a.m.
News thumbnail

NCLT replaces Resolution Professional in insolvency proceedings against Subhash Chandra

Chandra told the tribunal that Resolution Professional Raj Kumar Saraogi had met him on April 24 at an expensive hotel in Delhi with a lawyer. During the meeting, Saraogi is alleged to have claimed that the present proceedings would lead to Chandra's bankruptcy by saying "matter toh bankruptcy mein jayega." Chandra also alleged in his application before the NCLT that the RP made the visit without prior permission to conduct negotiations. It also seemed to Chandra that Saraogi had no desire to streamline the process. Chandra expressed concern that the RP was acting in a hostile manner and appeared to be unaware of his responsibility in the insolvency process.

Chandra told the tribunal that Resolution Professional Raj Kumar Saraogi had met him on April 24 at an expensive hotel in Delhi with a lawyer.

During the meeting, Saraogi is alleged to have claimed that the present proceedings would lead to Chandra's bankruptcy by saying "matter toh bankruptcy mein jayega."

Chandra also alleged in his application before the NCLT that the RP made the visit without prior permission to conduct negotiations. It also seemed to Chandra that Saraogi had no desire to streamline the process.

Chandra expressed concern that the RP was acting in a hostile manner and appeared to be unaware of his responsibility in the insolvency process.

logo

Stay informed with the latest news and updates from around India and the world.We bring you credible news, captivating stories, and valuable insights every day

©All Rights Reserved.