The case involves an application filed under Section 12A of the Insolvency and Bankruptcy Code, 2016, seeking withdrawal of a company petition against M/s Anrak Aluminium Limited. State Bank of India, representing a consortium of banks, had initially filed the petition under Section 7 of the Code, leading to the appointment of an Interim Resolution Professional (IRP). Subsequently, the consortium approved a One Time Settlement (OTS) proposed by the Corporate Debtor before the constitution of the Committee of Creditors (CoC).
State Bank of India (SBI), representing a consortium of banks, initiated insolvency proceedings against M/s Anrak Aluminium Limited by filing a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. This led to the case being registered as TCP (IB) No. 36/7/AMR/2019 and CP (IB) No. 79/7/HDB/2018. An Interim Resolution Professional (IRP) was appointed following the admission of the petition on 2019-09-19. Before the Committee of Creditors (CoC) could be formed, the Corporate Debtor proposed a One Time Settlement (OTS), which was approved by the consortium of financial creditors holding 100% voting share in their meeting on 2019-09-30. Consequently, the consortium sought to withdraw the company petition. The IRP also filed an application for
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The Authority admitted the petition filed…
The Consortium Lenders approved the One Time…
The case involves an application filed under Section 12A of the Insolvency and Bankruptcy Code, 2016, seeking withdrawal of a company petition against M/s Anrak Aluminium Limited. State Bank of India, representing a consortium of banks, had initially filed the petition under Section 7 of the Code, leading to the appointment of an Interim Resolution Professional (IRP). Subsequently, the consortium approved a One Time Settlement (OTS) proposed by the Corporate Debtor before the constitution of the Committee of Creditors (CoC).
State Bank of India (SBI), representing a consortium of banks, initiated insolvency proceedings against M/s Anrak Aluminium Limited by filing a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. This led to the case being registered as TCP (IB) No. 36/7/AMR/2019 and CP (IB) No. 79/7/HDB/2018. An Interim Resolution Professional (IRP) was appointed following the admission of the petition on 2019-09-19. Before the Committee of Creditors (CoC) could be formed, the Corporate Debtor proposed a One Time Settlement (OTS), which was approved by the consortium of financial creditors holding 100% voting share in their meeting on 2019-09-30. Consequently, the consortium sought to withdraw the company petition. The IRP also filed an application for
…The Authority admitted the petition filed…
The Consortium Lenders approved the One Time…