The case involves an application (IA 387 of 2019) filed in connection with a Corporate Insolvency Resolution Process (CIRP) initiated against Ambica Concrete Company (India) Limited. The applicant, Reliance Commercial Finance Ltd., sought to withdraw the IB Petition (CP (IB) No.325 of 2018) and recall the CIRP based on a settlement reached between the parties. The Interim Resolution Professional (IRP) had already been appointed and had made a public announcement for the initiation of CIRP. The settlement involved the corporate debtor paying Rs. 13,27,534 to the financial creditor.
Reliance Commercial Finance Ltd., the financial creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Ambica Concrete Company (India) Limited. An Interim Resolution Professional (IRP), Ms. Bhavi Shreyans Shah, was appointed, and a public announcement for the CIRP was made. Subsequently, the corporate debtor, Ambica Concrete Company (India) Limited, approached Reliance Commercial Finance Ltd. and offered a settlement of Rs. 13,27,534, which was accepted. The payment was made through RTGS on 01.07.2019. The application for withdrawal of the CIRP was filed before the Committee of Creditors (CoC) was constituted, with the last date for lodging claims by creditors being 10.07.2019. The applicant relied on Section 60(5) of the Insolvency and Bankruptcy
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The IB Petiti…
The Adjudicating Authority admitted the I.B.…
The case involves an application (IA 387 of 2019) filed in connection with a Corporate Insolvency Resolution Process (CIRP) initiated against Ambica Concrete Company (India) Limited. The applicant, Reliance Commercial Finance Ltd., sought to withdraw the IB Petition (CP (IB) No.325 of 2018) and recall the CIRP based on a settlement reached between the parties. The Interim Resolution Professional (IRP) had already been appointed and had made a public announcement for the initiation of CIRP. The settlement involved the corporate debtor paying Rs. 13,27,534 to the financial creditor.
Reliance Commercial Finance Ltd., the financial creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Ambica Concrete Company (India) Limited. An Interim Resolution Professional (IRP), Ms. Bhavi Shreyans Shah, was appointed, and a public announcement for the CIRP was made. Subsequently, the corporate debtor, Ambica Concrete Company (India) Limited, approached Reliance Commercial Finance Ltd. and offered a settlement of Rs. 13,27,534, which was accepted. The payment was made through RTGS on 01.07.2019. The application for withdrawal of the CIRP was filed before the Committee of Creditors (CoC) was constituted, with the last date for lodging claims by creditors being 10.07.2019. The applicant relied on Section 60(5) of the Insolvency and Bankruptcy
…The IB Petiti…
The Adjudicating Authority admitted the I.B.…