The Cosmos Co-op Bank Limited initiated Corporate Insolvency Resolution Process (CIRP) under Section 7 of the I&B Code, 2016 against M/s Crystal Clear Veg Oil Refinery Private Ltd. The Adjudicating Authority (NCLT, Mumbai) admitted the application on 16.04.2018 and appointed an Interim Resolution Professional (IRP). The IRP took charge, prepared a list of creditors, and constituted the Committee of Creditors (CoC). The Appellant, being a financial creditor with 93.2% voting share in the CoC, decided to withdraw the CIRP proceedings and issued Form-A dated 03.03.2019 seeking withdrawal. The matter was discussed in the 15th CoC meeting on 04.04.2019, and the IRP was requested to file an application for withdrawal under Section 12A of the Code. The Adjudicating
…The Cosmos Co-op Bank Limited, the Appellant, initiated CIRP against M/s Crystal Clear Veg Oil Refinery Private Ltd., the Corporate Debtor, under Section 7 of the I&B Code, 2016. The Adjudicating Authority admitted the application on 16.04.2018 and appointed an IRP. The IRP took charge, prepared a list of creditors, and constituted the CoC. The Appellant, holding 93.2% voting share in the CoC, decided to withdraw the CIRP proceedings due to an unviable resolution plan. The Appellant issued Form-A dated 03.03.2019 seeking withdrawal. The 15th CoC meeting on 04.04.2019 approved the withdrawal, and the IRP was requested to file an application under Section 12A of the Code. The Adjudicating Authority rejected the withdrawal application, stating dissatisfaction with the
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The Cosmos Co-op Bank Limited initiated Corporate Insolvency Resolution Process (CIRP) under Section 7 of the I&B Code, 2016 against M/s Crystal Clear Veg Oil Refinery Private Ltd. The Adjudicating Authority (NCLT, Mumbai) admitted the application on 16.04.2018 and appointed an Interim Resolution Professional (IRP). The IRP took charge, prepared a list of creditors, and constituted the Committee of Creditors (CoC). The Appellant, being a financial creditor with 93.2% voting share in the CoC, decided to withdraw the CIRP proceedings and issued Form-A dated 03.03.2019 seeking withdrawal. The matter was discussed in the 15th CoC meeting on 04.04.2019, and the IRP was requested to file an application for withdrawal under Section 12A of the Code. The Adjudicating
…The Cosmos Co-op Bank Limited, the Appellant, initiated CIRP against M/s Crystal Clear Veg Oil Refinery Private Ltd., the Corporate Debtor, under Section 7 of the I&B Code, 2016. The Adjudicating Authority admitted the application on 16.04.2018 and appointed an IRP. The IRP took charge, prepared a list of creditors, and constituted the CoC. The Appellant, holding 93.2% voting share in the CoC, decided to withdraw the CIRP proceedings due to an unviable resolution plan. The Appellant issued Form-A dated 03.03.2019 seeking withdrawal. The 15th CoC meeting on 04.04.2019 approved the withdrawal, and the IRP was requested to file an application under Section 12A of the Code. The Adjudicating Authority rejected the withdrawal application, stating dissatisfaction with the
…Adjudicating Authority…
IRP took char…