The case involves an application (IA No. 45/2021) filed in connection with a Corporate Insolvency Resolution Process (CIRP) initiated via CP (IB) No. 231/7/HDB/2020. The application seeks the withdrawal of the CIRP under Section 12A of the Insolvency and Bankruptcy Code (I&B Code), 2016, read with Regulation 30A of the IBBI Regulations. The CIRP was initiated based on a petition filed under Section 7 of the I&B Code. The Adjudicating Authority admitted the petition on 18.01.2021, appointing an Interim Resolution Professional (IRP) and commencing the CIRP process.
Affluence Engineering & Enterprises Limited faced a CIRP initiated by Foster Infin & Trading Private Limited under Section 7 of the IBC. The CIRP commenced on 18.01.2021, with the appointment of an IRP. Subsequently, Affluence Engineering and Foster Infin reached a settlement. Foster Infin submitted Form FA to the IRP, requesting withdrawal of the CIRP. The IRP then filed IA No. 45/2021 seeking withdrawal under Section 12A of the IBC, supported by a settlement deed dated 10.02.2021. The Corporate Debtor's board passed a resolution on 09.02.2021 authorizing Venkata Ramana Reddy Pesaladinne, a director, to file Form FA. The CoC had not been constituted at the time of the withdrawal application. The applicant did not enclose any Bank Guarantee as required under
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The case involves an application (IA No. 45/2021) filed in connection with a Corporate Insolvency Resolution Process (CIRP) initiated via CP (IB) No. 231/7/HDB/2020. The application seeks the withdrawal of the CIRP under Section 12A of the Insolvency and Bankruptcy Code (I&B Code), 2016, read with Regulation 30A of the IBBI Regulations. The CIRP was initiated based on a petition filed under Section 7 of the I&B Code. The Adjudicating Authority admitted the petition on 18.01.2021, appointing an Interim Resolution Professional (IRP) and commencing the CIRP process.
Affluence Engineering & Enterprises Limited faced a CIRP initiated by Foster Infin & Trading Private Limited under Section 7 of the IBC. The CIRP commenced on 18.01.2021, with the appointment of an IRP. Subsequently, Affluence Engineering and Foster Infin reached a settlement. Foster Infin submitted Form FA to the IRP, requesting withdrawal of the CIRP. The IRP then filed IA No. 45/2021 seeking withdrawal under Section 12A of the IBC, supported by a settlement deed dated 10.02.2021. The Corporate Debtor's board passed a resolution on 09.02.2021 authorizing Venkata Ramana Reddy Pesaladinne, a director, to file Form FA. The CoC had not been constituted at the time of the withdrawal application. The applicant did not enclose any Bank Guarantee as required under
…The Adjudicating Authority admitted the…
The Directors of the Corporate Debtor passed…