Vaxtex Cotfab Limited — Others, 22-10-2024: Corporate Insolvency Resolution Process

Vaxtex Cotfab Limited announced that the National Company Law Tribunal has ordered the replacement of CA. Sunil Kumar Kabra with CA. Chandra Prakash Jain as the Resolution Professional. This change follows concerns regarding the improper reconstitution of the Committee of Creditors, which involved a related party being improperly included, thus violating regulations. The court has quashed previous actions regarding the related party's claim and reinstated the original creditor structure.