Insolvency resolution professional Pankaj Srivastava took this decision after concluding that Glas Trust does not represent the minimum 51% of lenders required to be part of the CoC. Glas has moved court for Srivastava’s removal. According to a report by The Times of India, the US lenders today moved the Bengaluru bench of the National Company Law Tribunal (NCLT) to seek the removal of Srivastava as the IRP. The matter will be heard on September 4.
