The Corporate Insolvency Resolution Process (CIRP) was initiated against Shalfeyo Industries Private Limited by Prime Impex (Operational Creditor) for a debt of Rs. 11.90 lakhs. Axis Bank Limited was the sole Financial Creditor with a claim of Rs. 1.04 Crore. The Appellant, Deepak Modi (suspended director), settled Axis Bank's claim by paying Rs. 1.28 Crore and offered to settle Prime Impex's claim. He filed an application under Section 12A of the IBC for withdrawal of CIRP, which was dismissed by the NCLT, Jaipur Bench, on 18.12.2024 due to non-compliance with procedural requirements, specifically regarding the filing of Form FA by the Resolution Professional with 90% CoC approval and a bank guarantee for CIRP costs.

The Corporate Insolvency Resolution Process (CIRP) was initiated against Shalfeyo Industries Private Limited by Prime Impex (Operational Creditor) for a debt of Rs. 11.90 lakhs. Axis Bank Limited was the sole Financial Creditor with a claim of Rs. 1.04 Crore. The Appellant, Deepak Modi (suspended director), settled Axis Bank's claim by paying Rs. 1.28 Crore and offered to settle Prime Impex's claim. He filed an application under Section 12A of the IBC for withdrawal of CIRP, which was dismissed by the NCLT, Jaipur Bench, on 18.12.2024 due to non-compliance with procedural requirements, specifically regarding the filing of Form FA by the Resolution Professional with 90% CoC approval and a bank guarantee for CIRP costs.