An application was filed by the Interim Resolution Professional (IRP) under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulation 30A of the IBBI (Corporate Insolvency Resolution Process) Regulations, 2016, seeking withdrawal of the Corporate Insolvency Resolution Process (CIRP).
Sidhvi Infrastructure Projects Ltd initiated CIRP against Devi Engineering and Constructions Private Limited.
The Corporate Debtor, Devi Engineering and Constructions Pvt. Ltd., was admitted into CIRP vide order dated 07.07.2025.
The Operational Creditor and the Corporate Debtor amicably settled the dispute prior to the constitution of the Committee of Creditors (CoC).
The IRP filed an application under Section 12A of the IBC seeking withdrawal of the CIRP.
Three major Financial Creditors, namely Union Bank of India, Punjab National Bank, and NEDFI, holding more than 90% of admitted financial debt, submitted their consent letters for allowing the withdrawal of the CIRP.
Other Financial Creditors raised objections to the withdrawal application.
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Corporate Insolvency Resolution Process (CIRP)…
Hearing held on…
An application was filed by the Interim Resolution Professional (IRP) under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulation 30A of the IBBI (Corporate Insolvency Resolution Process) Regulations, 2016, seeking withdrawal of the Corporate Insolvency Resolution Process (CIRP).
Sidhvi Infrastructure Projects Ltd initiated CIRP against Devi Engineering and Constructions Private Limited.
The Corporate Debtor, Devi Engineering and Constructions Pvt. Ltd., was admitted into CIRP vide order dated 07.07.2025.
The Operational Creditor and the Corporate Debtor amicably settled the dispute prior to the constitution of the Committee of Creditors (CoC).
The IRP filed an application under Section 12A of the IBC seeking withdrawal of the CIRP.
Three major Financial Creditors, namely Union Bank of India, Punjab National Bank, and NEDFI, holding more than 90% of admitted financial debt, submitted their consent letters for allowing the withdrawal of the CIRP.
Other Financial Creditors raised objections to the withdrawal application.
…Corporate Insolvency Resolution Process (CIRP)…
Hearing held on…