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). The Operational Creditor received Rs. 28 lakhs against a total claim of Rs. 30,40,786/- as a full and final settlement.
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. An Interim Resolution Professional (IRP), Mr. Vasudev Ganesh Nayak Udupi, was appointed. 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 IRP then filed I.A. 2223/2021 under Section 12A of the IBC to withdraw the company petition. The Committee of Creditors (COC) was not constituted. The IRP confirmed receipt of his fees from the Operational Creditor.
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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). The Operational Creditor received Rs. 28 lakhs against a total claim of Rs. 30,40,786/- as a full and final settlement.
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. An Interim Resolution Professional (IRP), Mr. Vasudev Ganesh Nayak Udupi, was appointed. 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 IRP then filed I.A. 2223/2021 under Section 12A of the IBC to withdraw the company petition. The Committee of Creditors (COC) was not constituted. The IRP confirmed receipt of his fees from the Operational Creditor.
Company petition No.…
CIRP admission order…