The case involves an application filed under Section 12A of the Insolvency and Bankruptcy Code to withdraw CP (IB) 92 of 2020 due to a settlement between the parties. An earlier application under Section 9 of the I&B Code had been admitted on 02.11.2020, leading to the appointment of Mr. Nimai Gautam Shah as the Interim Resolution Professional (IRP). The corporate debtor subsequently entered into a settlement, prompting the applicant, the original operational creditor (Parag Charia Proprietor of Ami Enterprise), to file the withdrawal application.
On 02.11.2020, an application filed under Section 9 of the I&B Code was admitted, and Mr. Nimai Gautam Shah was appointed as IRP. Subsequently, the corporate debtor, Ami Enterprise, reached a settlement with the original operational creditor, Parag Charia. As a result, the operational creditor filed an application (IA 781 of 2020) under Section 12A of the IBC to withdraw the initial CIRP application (CP (IB) 92 of 2020). The Committee of Creditors (CoC) had not yet been constituted. The applicant stated that the dues of the IRP had been paid. The key fact is the settlement between the parties after the admission of the Section 9 application but before the formation of the CoC, which allowed for the withdrawal application under Section 12A.
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An application filed under Section 9 of the I&B…
The court allowed the application to withdraw…
The case involves an application filed under Section 12A of the Insolvency and Bankruptcy Code to withdraw CP (IB) 92 of 2020 due to a settlement between the parties. An earlier application under Section 9 of the I&B Code had been admitted on 02.11.2020, leading to the appointment of Mr. Nimai Gautam Shah as the Interim Resolution Professional (IRP). The corporate debtor subsequently entered into a settlement, prompting the applicant, the original operational creditor (Parag Charia Proprietor of Ami Enterprise), to file the withdrawal application.
On 02.11.2020, an application filed under Section 9 of the I&B Code was admitted, and Mr. Nimai Gautam Shah was appointed as IRP. Subsequently, the corporate debtor, Ami Enterprise, reached a settlement with the original operational creditor, Parag Charia. As a result, the operational creditor filed an application (IA 781 of 2020) under Section 12A of the IBC to withdraw the initial CIRP application (CP (IB) 92 of 2020). The Committee of Creditors (CoC) had not yet been constituted. The applicant stated that the dues of the IRP had been paid. The key fact is the settlement between the parties after the admission of the Section 9 application but before the formation of the CoC, which allowed for the withdrawal application under Section 12A.
An application filed under Section 9 of the I&B…
The court allowed the application to withdraw…