The Punjab National Bank (PNB), as a financial creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Mintri Tea Company Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The application was admitted, and PNB was the sole member of the Committee of Creditors (CoC). Krishna Kumar Mintri, a shareholder of Mintri Tea Company, negotiated with PNB and other claimants to settle the claims. Subsequently, PNB applied for withdrawal of the CIRP under Section 12A of the IBC, as the total amount had been paid in full. The Adjudicating Authority (National Company Law Tribunal, Kolkata Bench) rejected the withdrawal application, stating that Section 12A was not applicable since the Section 7 application was filed earlier. The
…Punjab National Bank (PNB) initiated Corporate Insolvency Resolution Process (CIRP) against Mintri Tea Company Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The application was admitted, and PNB was the sole member of the Committee of Creditors (CoC). Krishna Kumar Mintri, a shareholder of Mintri Tea Company, negotiated with PNB and other claimants to settle the claims. Subsequently, PNB applied for withdrawal of the CIRP under Section 12A of the IBC, as the total amount had been paid in full. The Adjudicating Authority (National Company Law Tribunal, Kolkata Bench) rejected the withdrawal application, stating that Section 12A was not applicable since the Section 7 application was filed earlier. The Adjudicating Authority also directed
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The Adjudicating Authority directed the Punjab…
The Punjab National Bank (PNB), as a financial creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Mintri Tea Company Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The application was admitted, and PNB was the sole member of the Committee of Creditors (CoC). Krishna Kumar Mintri, a shareholder of Mintri Tea Company, negotiated with PNB and other claimants to settle the claims. Subsequently, PNB applied for withdrawal of the CIRP under Section 12A of the IBC, as the total amount had been paid in full. The Adjudicating Authority (National Company Law Tribunal, Kolkata Bench) rejected the withdrawal application, stating that Section 12A was not applicable since the Section 7 application was filed earlier. The
…Punjab National Bank (PNB) initiated Corporate Insolvency Resolution Process (CIRP) against Mintri Tea Company Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The application was admitted, and PNB was the sole member of the Committee of Creditors (CoC). Krishna Kumar Mintri, a shareholder of Mintri Tea Company, negotiated with PNB and other claimants to settle the claims. Subsequently, PNB applied for withdrawal of the CIRP under Section 12A of the IBC, as the total amount had been paid in full. The Adjudicating Authority (National Company Law Tribunal, Kolkata Bench) rejected the withdrawal application, stating that Section 12A was not applicable since the Section 7 application was filed earlier. The Adjudicating Authority also directed
…The Adjudicating Authority (National Company…
The Adjudicating Authority directed the Punjab…