The case involves an appeal where the appellant sought to withdraw the application under Section 12A of the Insolvency and Bankruptcy Code (IBC). The respondent, a financial creditor, intended to file an application for withdrawal of the application under Section 7 of the IBC. The matter was to be considered by the Committee of Creditors (CoC) and subsequently by the Adjudicating Authority.
Sunshine Caterers Pvt. Ltd. filed an appeal. Redreef Finance & Investment Pvt. Ltd. is the respondent financial creditor. The respondent intended to file an application for withdrawal of the application under Section 7 of the IBC. The appellant was asked to withdraw the appeal to enable the Committee of Creditors to consider the application under Section 12A. The court allowed the appellant to withdraw the appeal with the liberty to file an interlocutory application to reopen the appeal if the application under Section 12A is not approved by 90% of the Committee of Creditors and the withdrawal of application under Section 7 is not allowed by the Adjudicating Authority. The court stated that if the Committee of Creditors approved the application under Section 12A
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Learned counsel submits that the…
The case involves an appeal where the appellant sought to withdraw the application under Section 12A of the Insolvency and Bankruptcy Code (IBC). The respondent, a financial creditor, intended to file an application for withdrawal of the application under Section 7 of the IBC. The matter was to be considered by the Committee of Creditors (CoC) and subsequently by the Adjudicating Authority.
Sunshine Caterers Pvt. Ltd. filed an appeal. Redreef Finance & Investment Pvt. Ltd. is the respondent financial creditor. The respondent intended to file an application for withdrawal of the application under Section 7 of the IBC. The appellant was asked to withdraw the appeal to enable the Committee of Creditors to consider the application under Section 12A. The court allowed the appellant to withdraw the appeal with the liberty to file an interlocutory application to reopen the appeal if the application under Section 12A is not approved by 90% of the Committee of Creditors and the withdrawal of application under Section 7 is not allowed by the Adjudicating Authority. The court stated that if the Committee of Creditors approved the application under Section 12A
…Learned counsel submits that the…