LOIWAL STEEL HOUSE Vs. VARADHA STEELS PVT LTD

JUDGEMENT

(1.) Rp in person present. Representative for the Orienal Bank of Commerce Mr. Sanjith Kumar Puri, Assistant General Manager present. The RP and the representative for the Bank were given time to negotiate in relation to the payment of the remuneration to the RP. During the negotiation, the representative for the Bank has got the instructions from his Head Office that the Oriental Bank of Commerce is ready to pay Rs.1.25 lakhs plus tax amount per month to the RP and other expenses as may be approved by the CoC. Accordingly, the remuneration shall be paid to the RP within one week. Therefore, CA/28/2017 stands disposed of.

(2.) The Financial Creditor viz., Oriental Bank of Commerce made submission for appointment of new RP to replace previous RP. The proposed RP present in person whose name reflects from the web site of IBBI. His consent has been filed in Form '2' which is placed in the file as annexure '5'. Therefore, Mr. C. Ramasubramaniam has been appointed as RP in the matter and he is directed to perform his duties in accordance with the provisions of IBC, 2016 with immediate effect.