IN RE Vs. RAJ OIL MILLS LTD

JUDGEMENT

(1.) An application has been moved on 24.08.2017 (MA No. 362/2017) by a Financial Creditor viz. M/s. Edelweiss Asset Reconstruction Company Limited seeking following relief:--

(2.) In compliance of the directions of the said order, IRP Mr. U.V.G. Nayak has placed on record a compliance report dated 12.09.2017. In the compliance report it is informed that a second meeting of the Committee of Creditors (CoC) was convened on 11.09.2017 and the agenda put up for voting, as informed in the report, was as under:--

(3.) The Result of the voting has also been informed in this "compliance report". Presently we are not concerned about rest of the agenda but confine ourselves to the main issue of appointment of RP/Insolvency Professional which is raked up in this Miscellaneous Application, now under consideration. It is informed that the continuation and appointment of Mr. U.V.G. Nayak was voted in favour by 31.70 per cent share of voting, however, the appointment of Mr. Rajendra M. Ganatra was voted in favour by 61.84 per cent of the voting share. It is clarified that the Financial Creditor M/s. Edelweiss ARC is having 53.52 per cent and IFCI Factors has 8.32 per cent, thus totalling 61.84 per cent, have approved the name of Mr. Ganatra as Insolvency Professional.