The case involves an Interlocutory Application (I.A. 2223/2021) filed by the Interim Resolution Professional (IRP), Mr. Vasudev Ganesh Nayak Udupi, under Section 12A of the Insolvency and Bankruptcy Code (IBC) for withdrawing the main company petition No. 2916/2019. This withdrawal is sought due to a settlement reached between the Corporate Debtor, A B Infrabuild Ltd., and the Operational Creditor, Namaskar Service Station.
Namaskar Service Station filed a company petition (No. 2916/2019) against A B Infrabuild Ltd. under Section 9 of the Insolvency and Bankruptcy Code, 2016. Subsequently, a settlement was reached between Namaskar Service Station (Operational Creditor) and A B Infrabuild Ltd. (Corporate Debtor). As part of the settlement, the Operational Creditor received Rs. 28 lakhs by demand draft dated 2021-09-23 against a total claim of Rs. 30,40,786/-. The Interim Resolution Professional (IRP), Mr. Vasudev Ganesh Nayak Udupi, filed an Interlocutory Application (I.A. 2223/2021) under Section 12A of the IBC to withdraw the company petition based on this settlement. The IRP also confirmed that he received his fees from the Operational Creditor. No Committee of Creditors (COC) was
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Company petition No.…
CIRP admission order…
The case involves an Interlocutory Application (I.A. 2223/2021) filed by the Interim Resolution Professional (IRP), Mr. Vasudev Ganesh Nayak Udupi, under Section 12A of the Insolvency and Bankruptcy Code (IBC) for withdrawing the main company petition No. 2916/2019. This withdrawal is sought due to a settlement reached between the Corporate Debtor, A B Infrabuild Ltd., and the Operational Creditor, Namaskar Service Station.
Namaskar Service Station filed a company petition (No. 2916/2019) against A B Infrabuild Ltd. under Section 9 of the Insolvency and Bankruptcy Code, 2016. Subsequently, a settlement was reached between Namaskar Service Station (Operational Creditor) and A B Infrabuild Ltd. (Corporate Debtor). As part of the settlement, the Operational Creditor received Rs. 28 lakhs by demand draft dated 2021-09-23 against a total claim of Rs. 30,40,786/-. The Interim Resolution Professional (IRP), Mr. Vasudev Ganesh Nayak Udupi, filed an Interlocutory Application (I.A. 2223/2021) under Section 12A of the IBC to withdraw the company petition based on this settlement. The IRP also confirmed that he received his fees from the Operational Creditor. No Committee of Creditors (COC) was
…Company petition No.…
CIRP admission order…