The case involves a Corporate Insolvency Resolution Process (CIRP) initiated against Aeromech Technologies Private Limited under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016. The Tribunal admitted the case on March 2, 2018, appointing an Interim Resolution Professional (IRP) and imposing a moratorium. Subsequently, an application (I.A No. 300/2018) was filed by the Resolution Professional (RP) seeking withdrawal of the petition under Section 12A of the IBC, read with relevant regulations. The RP stated that the Committee of Creditors (CoC), with Indian Overseas Bank as the sole financial creditor holding 100% voting share, approved the withdrawal of the main company petition.
Aeromech Technologies Private Limited faced a CIRP initiated under Section 10 of the IBC. The Tribunal admitted the case on March 2, 2018, and appointed an IRP. Indian Overseas Bank was the sole financial creditor, holding 100% of the voting share in the CoC. The RP, Shri Balady Shekar Shetty, filed an application (I.A No. 300/2018) under Section 12A of the IBC, seeking withdrawal of the CIRP. The CoC approved the withdrawal in a meeting held on September 24, 2018. The RP filed a compliance report stating that Section 12A of the Code and relevant regulations were complied with. Mr. Sridhar V.Raju, promoter of Corporate Debtor, was authorized by the CoC to file the application for withdrawal before the Adjudicating Authority and also pay the fees.
Sign in to view the parties.
The Tribunal admitted…
The Tribunal appointed…
The case involves a Corporate Insolvency Resolution Process (CIRP) initiated against Aeromech Technologies Private Limited under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016. The Tribunal admitted the case on March 2, 2018, appointing an Interim Resolution Professional (IRP) and imposing a moratorium. Subsequently, an application (I.A No. 300/2018) was filed by the Resolution Professional (RP) seeking withdrawal of the petition under Section 12A of the IBC, read with relevant regulations. The RP stated that the Committee of Creditors (CoC), with Indian Overseas Bank as the sole financial creditor holding 100% voting share, approved the withdrawal of the main company petition.
Aeromech Technologies Private Limited faced a CIRP initiated under Section 10 of the IBC. The Tribunal admitted the case on March 2, 2018, and appointed an IRP. Indian Overseas Bank was the sole financial creditor, holding 100% of the voting share in the CoC. The RP, Shri Balady Shekar Shetty, filed an application (I.A No. 300/2018) under Section 12A of the IBC, seeking withdrawal of the CIRP. The CoC approved the withdrawal in a meeting held on September 24, 2018. The RP filed a compliance report stating that Section 12A of the Code and relevant regulations were complied with. Mr. Sridhar V.Raju, promoter of Corporate Debtor, was authorized by the CoC to file the application for withdrawal before the Adjudicating Authority and also pay the fees.
The Tribunal admitted…
The Tribunal appointed…