The case involves an application filed under Section 12A of the Insolvency and Bankruptcy Code, 2016 (IBC, 2016) seeking the withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against Associated Drilling & Services Limited Corporate (Corporate Debtor). The CIRP was initiated based on a petition filed by the Operational Creditor, Tejwant Singh, due to an operational debt owed by the Corporate Debtor. An Interim Resolution Professional (IRP), Mr. Naresh Verma, was initially appointed, followed by the constitution of a Committee of Creditors (CoC). Subsequent CoC meetings led to the proposal and approval of a settlement plan. The Operational Creditor filed Form-FA for withdrawal of the CIRP.
Tejwant Singh, an Operational Creditor, initiated CIRP against Associated Drilling & Services Limited Corporate due to unpaid operational debt. The CIRP was initiated on 2018-08-21. Naresh Verma was appointed as the Interim Resolution Professional (IRP). Claims were received from creditors, and a Committee of Creditors (CoC) was formed. In the first CoC meeting on 2018-09-25, it was proposed to replace the IRP with Navtej Singh. A settlement plan was mooted by the Corporate Debtor in the third CoC meeting on 2018-11-12. A draft settlement plan was approved in the fourth CoC meeting on 2018-11-26, and a formal settlement agreement was made in the fifth CoC meeting on 2018-12-11. Tejwant Singh filed Form-FA for withdrawal of the CIRP. The CIRP cost of Rs. 3.00 lakhs
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CIRP initiated by the Tribunal based on the…
Mr. Naresh Verma was…
The case involves an application filed under Section 12A of the Insolvency and Bankruptcy Code, 2016 (IBC, 2016) seeking the withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against Associated Drilling & Services Limited Corporate (Corporate Debtor). The CIRP was initiated based on a petition filed by the Operational Creditor, Tejwant Singh, due to an operational debt owed by the Corporate Debtor. An Interim Resolution Professional (IRP), Mr. Naresh Verma, was initially appointed, followed by the constitution of a Committee of Creditors (CoC). Subsequent CoC meetings led to the proposal and approval of a settlement plan. The Operational Creditor filed Form-FA for withdrawal of the CIRP.
Tejwant Singh, an Operational Creditor, initiated CIRP against Associated Drilling & Services Limited Corporate due to unpaid operational debt. The CIRP was initiated on 2018-08-21. Naresh Verma was appointed as the Interim Resolution Professional (IRP). Claims were received from creditors, and a Committee of Creditors (CoC) was formed. In the first CoC meeting on 2018-09-25, it was proposed to replace the IRP with Navtej Singh. A settlement plan was mooted by the Corporate Debtor in the third CoC meeting on 2018-11-12. A draft settlement plan was approved in the fourth CoC meeting on 2018-11-26, and a formal settlement agreement was made in the fifth CoC meeting on 2018-12-11. Tejwant Singh filed Form-FA for withdrawal of the CIRP. The CIRP cost of Rs. 3.00 lakhs
…CIRP initiated by the Tribunal based on the…
Mr. Naresh Verma was…