PPIPL Insolvency Probe: Complaint Alleges Suraksha ARC Manipulated CoC Voting Share, Flags Conflict Of Interest | Representational Image
Mumbai: A fresh complaint filed by suspended Privilege Power and Infrastructure Pvt Ltd (PPIPL) director Rakesh Kumar Wadhawan before the Enforcement Directorate (ED) has widened the allegations surrounding the company’s financial distress, this time raising questions over the conduct of its ongoing insolvency resolution process and the composition of its Committee of Creditors (CoC).
In his August 20 complaint, Wadhawan has alleged that Suraksha ARC, which acquired PPIPL’s loan exposure from Yes Bank in 2017, manipulated its voting position in…