The case involves an application (CA No. 477/2019) filed by the Interim Resolution Professional (IRP) seeking withdrawal of the Insolvency and Bankruptcy (IB) application under Section 12A of the IB Code. The Corporate Debtor, Operational Creditor, and the sole Financial Creditor (YES Bank Limited) settled the matter. The Resolution Professional was informed to place the settlement for approval before the Committee of Creditors (COC). The sole member of COC, YES Bank Limited, confirmed their consent and gave no objection for the withdrawal via a letter dated 15.10.2019.
M/s Barflex Polyfilms Pvt Ltd filed an IB application under Section 9 of the IBC. During the Corporate Insolvency Resolution Process (CIRP), the Operational Creditor, Corporate Debtor, and the sole Financial Creditor (YES Bank Limited) reached a settlement. YES Bank, being the sole member of the Committee of Creditors (COC), provided its consent for the withdrawal of the IB application via a letter dated 15.10.2019. The IRP confirmed that all fees and expenses had been paid via cheque No. 700136 dated 04.11.2019. The Ex-Director assured that the same shall be honoured. The IRP then filed CA No. 477/2019 seeking withdrawal of the IB application. The court considered the submissions and allowed the withdrawal.
Sign in to view the parties.
YES Bank Limited, the sole member of COC,…
All fees and expenses…
The case involves an application (CA No. 477/2019) filed by the Interim Resolution Professional (IRP) seeking withdrawal of the Insolvency and Bankruptcy (IB) application under Section 12A of the IB Code. The Corporate Debtor, Operational Creditor, and the sole Financial Creditor (YES Bank Limited) settled the matter. The Resolution Professional was informed to place the settlement for approval before the Committee of Creditors (COC). The sole member of COC, YES Bank Limited, confirmed their consent and gave no objection for the withdrawal via a letter dated 15.10.2019.
M/s Barflex Polyfilms Pvt Ltd filed an IB application under Section 9 of the IBC. During the Corporate Insolvency Resolution Process (CIRP), the Operational Creditor, Corporate Debtor, and the sole Financial Creditor (YES Bank Limited) reached a settlement. YES Bank, being the sole member of the Committee of Creditors (COC), provided its consent for the withdrawal of the IB application via a letter dated 15.10.2019. The IRP confirmed that all fees and expenses had been paid via cheque No. 700136 dated 04.11.2019. The Ex-Director assured that the same shall be honoured. The IRP then filed CA No. 477/2019 seeking withdrawal of the IB application. The court considered the submissions and allowed the withdrawal.
YES Bank Limited, the sole member of COC,…
All fees and expenses…