An application was filed by the Resolution Professional (RP) under Section 12(A) of the Insolvency and Bankruptcy Code (IBC) read with Regulation 30(A) of the Insolvency and Bankruptcy Board of India (IBBI) (Insolvency Resolution Process for the Corporate Persons) Regulations, 2016. The Operational Creditor, being the sole member of the Committee of Creditors (COC), sought to terminate the Corporate Insolvency Resolution Process (CIRP). The decision to terminate the CIRP was influenced by the fact that the whereabouts of the ex-directors of the Corporate Debtor were unknown, and no assets of the Corporate Debtor were available.
The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Aarvanss Infrastructure Pvt. Ltd. An application was filed by the Resolution Professional (RP) under Section 12(A) of the Insolvency and Bankruptcy Code (IBC), read with Regulation 30(A) of the IBBI (Insolvency Resolution Process for the Corporate Persons) Regulations, 2016, seeking to terminate the CIRP. The Operational Creditor, who was the sole member of the Committee of Creditors (COC), wished to terminate the CIRP. The decision was based on the fact that the whereabouts of the ex-directors of the Corporate Debtor were unknown, and no assets of the Corporate Debtor were available. The NCLT considered the application and allowed the termination of the CIRP.
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Hearing before the New…
An application was filed by the Resolution Professional (RP) under Section 12(A) of the Insolvency and Bankruptcy Code (IBC) read with Regulation 30(A) of the Insolvency and Bankruptcy Board of India (IBBI) (Insolvency Resolution Process for the Corporate Persons) Regulations, 2016. The Operational Creditor, being the sole member of the Committee of Creditors (COC), sought to terminate the Corporate Insolvency Resolution Process (CIRP). The decision to terminate the CIRP was influenced by the fact that the whereabouts of the ex-directors of the Corporate Debtor were unknown, and no assets of the Corporate Debtor were available.
The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Aarvanss Infrastructure Pvt. Ltd. An application was filed by the Resolution Professional (RP) under Section 12(A) of the Insolvency and Bankruptcy Code (IBC), read with Regulation 30(A) of the IBBI (Insolvency Resolution Process for the Corporate Persons) Regulations, 2016, seeking to terminate the CIRP. The Operational Creditor, who was the sole member of the Committee of Creditors (COC), wished to terminate the CIRP. The decision was based on the fact that the whereabouts of the ex-directors of the Corporate Debtor were unknown, and no assets of the Corporate Debtor were available. The NCLT considered the application and allowed the termination of the CIRP.
Hearing before the New…