Overdrive Electronics Challenges Cema Electric CIRP Conduct

Overdrive Electronics files application to declare Cema Electric's CIRP null and void due to RP's alleged lack of independence and pre-existing relationships.
RP seeks release of Rs 40.54 lakh income tax refund and operational permission for corporate debtor's bank account to meet CIRP costs.
Tribunal directs Yes Bank to release Rs 5 lakh from escrow account to RP for meeting proportionate day-to-day fees and expenses.
Multiple applications scheduled for hearing on 12.06.2026 involving operational creditors, suspended directors, and workmen claims.