The case involves MA 3097/2019 filed by the Resolution Professional (RP) seeking withdrawal of Company Petition 3659/2018, which had been admitted on 2019-05-30. The RP contends that after the admission of the petition under Section 9 of IBC, 2016, only three claims from Operational Creditors were received, leading to a CoC with only three members. The CoC decided on 2019-09-11 to withdraw the CIRP due to a settlement agreement between the petitioner and the Corporate Debtor. The settlement agreement is annexed as Annexure 'C'. The application for withdrawal was filed in Form FA. The CoC, with a 96.84% vote share, passed the resolution for withdrawal.
The Resolution Professional filed MA 3097/2019 seeking to withdraw Company Petition 3659/2018, which had been admitted on 2019-05-30. The petition was initially admitted under Section 9 of the IBC, 2016. Following the admission, only three claims were received from Operational Creditors, resulting in a CoC comprising only three members. On 2019-09-11, the CoC decided to withdraw the CIRP due to a settlement agreement between the petitioner and the Corporate Debtor. The settlement agreement was attached as Annexure 'C'. The application for withdrawal was filed in Form FA. The CoC approved the resolution for withdrawal with a 96.84% vote share. The application stated that CIRP costs amounting to Rs.6,51,454/- had been received in full, with details provided in Annexure
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The case involves MA 3097/2019 filed by the Resolution Professional (RP) seeking withdrawal of Company Petition 3659/2018, which had been admitted on 2019-05-30. The RP contends that after the admission of the petition under Section 9 of IBC, 2016, only three claims from Operational Creditors were received, leading to a CoC with only three members. The CoC decided on 2019-09-11 to withdraw the CIRP due to a settlement agreement between the petitioner and the Corporate Debtor. The settlement agreement is annexed as Annexure 'C'. The application for withdrawal was filed in Form FA. The CoC, with a 96.84% vote share, passed the resolution for withdrawal.
The Resolution Professional filed MA 3097/2019 seeking to withdraw Company Petition 3659/2018, which had been admitted on 2019-05-30. The petition was initially admitted under Section 9 of the IBC, 2016. Following the admission, only three claims were received from Operational Creditors, resulting in a CoC comprising only three members. On 2019-09-11, the CoC decided to withdraw the CIRP due to a settlement agreement between the petitioner and the Corporate Debtor. The settlement agreement was attached as Annexure 'C'. The application for withdrawal was filed in Form FA. The CoC approved the resolution for withdrawal with a 96.84% vote share. The application stated that CIRP costs amounting to Rs.6,51,454/- had been received in full, with details provided in Annexure
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Company Petition…