Aditya Birla Finance, Glas Trust transfer NCLT to replace resolution specialist

The application was sent for an urgent hearing today. Senior Advocate Uday Hollaappearing for Glas Trust, told NCLT that the RP has classified only one lender as a financial creditor, resulting in the Committee of Creditors (CoC) consisting of only one lender with 100% voting rights.

The CoC is a group of financial creditors who manage a company after it is admitted to the Corporate Insolvency Resolution Process (CIRP). Operational creditors have no voting rights at CoC meetings.

Sources close to the development spoke about this. Bar and bench that the lender, which initially had 0.02% voting rights in the CoC, now has 100% voting rights due to the disqualification of RP Glas Trust and Aditya Birla Finance.

Holla also told the NCLT that Glas Trust had filed a case in the Karnataka High Court on October 25 and sought a stay of the CoC proceedings. He asked the NCLT to list cases for hearing this week.