The case involves an application (MA 2746/2019) filed in connection with a company petition (CP(IB) 2781/(MB)/2018) under Section 60(5) of the IBC, seeking to withdraw the company petition. The original petition under Section 7 of IBC was admitted on 16.7.2019, and an Interim Resolution Professional (IRP), Mr. CharuduttaMarathe, was appointed. The applicant sought to file the withdrawal application directly in court, relying on a Supreme Court ruling in the Swiss Ribbons case. However, the court notes that if a Committee of Creditors (CoC) has been constituted, the application should be filed through the RP, not directly in court.
A.K. Corporation filed a company petition (CP(IB) 2781/(MB)/2018) against Anupam Extraction Ltd under Section 7 of the IBC. The petition was admitted on 2019-07-16, and Mr. CharuduttaMarathe was appointed as the Interim Resolution Professional (IRP). Subsequently, MA 2746/2019 was filed under Section 60(5) of the IBC, seeking to withdraw the company petition. The applicant argued that the withdrawal application could be filed directly in court, relying on the Swiss Ribbons case. However, the PCS for the Financial Creditor submitted that the Committee of Creditors (CoC) had already been constituted. The court found that because the CoC had been constituted, the application should have been filed through the RP, not directly in court. Therefore, the court rejected the
…Sign in to view the parties.
The petition filed…
Mr. CharuduttaMarathe…
The case involves an application (MA 2746/2019) filed in connection with a company petition (CP(IB) 2781/(MB)/2018) under Section 60(5) of the IBC, seeking to withdraw the company petition. The original petition under Section 7 of IBC was admitted on 16.7.2019, and an Interim Resolution Professional (IRP), Mr. CharuduttaMarathe, was appointed. The applicant sought to file the withdrawal application directly in court, relying on a Supreme Court ruling in the Swiss Ribbons case. However, the court notes that if a Committee of Creditors (CoC) has been constituted, the application should be filed through the RP, not directly in court.
A.K. Corporation filed a company petition (CP(IB) 2781/(MB)/2018) against Anupam Extraction Ltd under Section 7 of the IBC. The petition was admitted on 2019-07-16, and Mr. CharuduttaMarathe was appointed as the Interim Resolution Professional (IRP). Subsequently, MA 2746/2019 was filed under Section 60(5) of the IBC, seeking to withdraw the company petition. The applicant argued that the withdrawal application could be filed directly in court, relying on the Swiss Ribbons case. However, the PCS for the Financial Creditor submitted that the Committee of Creditors (CoC) had already been constituted. The court found that because the CoC had been constituted, the application should have been filed through the RP, not directly in court. Therefore, the court rejected the
…The petition filed…
Mr. CharuduttaMarathe…