The Insolvency and Bankruptcy Board of India (Disciplinary Committee) has held that the act of forfeiting Earnest Money Deposit (EMD) of Rs. 2 crore deposited by Kineta Global Limited is beyond the terms of the process documents.
Mr. Subburengan Hari Karthik, who is an Insolvency Professional (IP) registered with the Insolvency and Bankruptcy Board of India (IBBI/Board). The Corporate Insolvency Resolution Process (CIRP) of Jeypore Sugar Company Limited (Corporate Debtor/CD) was initiated by an order dated 25.02.2019 by the NCLT, Chennai Bench (AA) under Section 7 of the Code filed by M/s IDBI Bank Limited.
Subsequently, the AA ordered liquidation of the CD on 29.05.2020 and appointed Mr. V. Venkata Sivakumar as …