The case involves a petition filed under Section 9 of the Insolvency & Bankruptcy Code, 2016 by Phoenix Global DMCC against A&A International Trading Pvt Ltd. The Corporate Insolvency Process was commenced, and a moratorium was declared. However, the Operational Creditor did not propose an Insolvency Resolution Professional (IRP), and a reference was made to IBBI for recommending an IRP. The petitioner filed a memo seeking recall of the order dated 16.06.2017.
Phoenix Global DMCC initiated Corporate Insolvency Resolution Process (CIRP) against A&A International Trading Pvt Ltd under Section 9 of the Insolvency & Bankruptcy Code, 2016. The NCLT admitted the petition on 2017-06-16, commencing the CIRP and declaring a moratorium. However, the Operational Creditor did not propose an Insolvency Resolution Professional (IRP). A reference was made to IBBI for recommending the name of IRP. Subsequently, the Corporate Debtor paid the Operational Creditor US $250,000 on 2017-06-23, settling the outstanding debts. The Operational Creditor admitted to the settlement. The Corporate Debtor filed an affidavit stating that it had not defaulted in relation to the debts of any other creditors. The petitioner then sought to withdraw
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NCLT passed an order commencing the Corporate…
A&A International…
The case involves a petition filed under Section 9 of the Insolvency & Bankruptcy Code, 2016 by Phoenix Global DMCC against A&A International Trading Pvt Ltd. The Corporate Insolvency Process was commenced, and a moratorium was declared. However, the Operational Creditor did not propose an Insolvency Resolution Professional (IRP), and a reference was made to IBBI for recommending an IRP. The petitioner filed a memo seeking recall of the order dated 16.06.2017.
Phoenix Global DMCC initiated Corporate Insolvency Resolution Process (CIRP) against A&A International Trading Pvt Ltd under Section 9 of the Insolvency & Bankruptcy Code, 2016. The NCLT admitted the petition on 2017-06-16, commencing the CIRP and declaring a moratorium. However, the Operational Creditor did not propose an Insolvency Resolution Professional (IRP). A reference was made to IBBI for recommending the name of IRP. Subsequently, the Corporate Debtor paid the Operational Creditor US $250,000 on 2017-06-23, settling the outstanding debts. The Operational Creditor admitted to the settlement. The Corporate Debtor filed an affidavit stating that it had not defaulted in relation to the debts of any other creditors. The petitioner then sought to withdraw
…NCLT passed an order commencing the Corporate…
A&A International…