The case involves an application (MA-1571/2019) in respect of C.P. No. 1923/2018, moved by the Operational Creditor, CMC Metals Pvt. Ltd., seeking withdrawal of the application under Section 12-A of the Insolvency and Bankruptcy Code (IBC). The basis for the withdrawal is that the debt amount has been settled amongst the parties. The IRP/Resolution Professional is present, and it is stated that Regulation 30-A of the Code is applicable. The Committee of Creditors has not been constituted, and the Information Memorandum has not been created.
CMC Metals Pvt. Ltd., an Operational Creditor, initiated insolvency proceedings against Airfrost HVAC Systems Pvt. Ltd. under C.P. No. 1923/2018. Subsequently, CMC Metals Pvt. Ltd. filed an application (MA-1571/2019) to withdraw the insolvency petition, citing a settlement of the debt amount between the parties. The Learned Counsel of the Applicant informed the court that two cheques amounting to ₹6,26,160/- in favour of CMC Metals dated 18.04.2019 were handed over in the Court to the Operational Creditor. There is one more cheque of ₹ One Lakh in favour of CMC Metals towards the debt and other expenses. The IRP/Resolution Professional was present, and the court noted that Regulation 30-A of the IBC was applicable. The Committee of Creditors had not been constituted,
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C.P. No. 1923/…
Application MA-1571/2019 submitted on…
The case involves an application (MA-1571/2019) in respect of C.P. No. 1923/2018, moved by the Operational Creditor, CMC Metals Pvt. Ltd., seeking withdrawal of the application under Section 12-A of the Insolvency and Bankruptcy Code (IBC). The basis for the withdrawal is that the debt amount has been settled amongst the parties. The IRP/Resolution Professional is present, and it is stated that Regulation 30-A of the Code is applicable. The Committee of Creditors has not been constituted, and the Information Memorandum has not been created.
CMC Metals Pvt. Ltd., an Operational Creditor, initiated insolvency proceedings against Airfrost HVAC Systems Pvt. Ltd. under C.P. No. 1923/2018. Subsequently, CMC Metals Pvt. Ltd. filed an application (MA-1571/2019) to withdraw the insolvency petition, citing a settlement of the debt amount between the parties. The Learned Counsel of the Applicant informed the court that two cheques amounting to ₹6,26,160/- in favour of CMC Metals dated 18.04.2019 were handed over in the Court to the Operational Creditor. There is one more cheque of ₹ One Lakh in favour of CMC Metals towards the debt and other expenses. The IRP/Resolution Professional was present, and the court noted that Regulation 30-A of the IBC was applicable. The Committee of Creditors had not been constituted,
…C.P. No. 1923/…
Application MA-1571/2019 submitted on…