The case involves an application under Section 12A of the Insolvency and Bankruptcy Code, 2016, for withdrawal of an application, accompanied by Form FA, under Regulation 30A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. An earlier application under Section 9 of the IB Code had been admitted, and Mr. Tejas Kiranbhai Shah was appointed as IRP.
An application was filed under Section 9 of the IB Code and was admitted. Mr. Tejas Kiranbhai Shah was appointed as the IRP based on a proposal by the Operational Creditor. Subsequently, the matter was settled between the parties. The learned PCS submitted that the Operational Creditor has cleared the dues of the IRP. The CIRP/moratorium ceased to have effect. The IRP is released from his duties, and the Corporate Debtor is freed from the rigour of the CIRP. This led to the filing of an IA under Section 12A for withdrawal of the application.
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An application filed…
The instant application…
The case involves an application under Section 12A of the Insolvency and Bankruptcy Code, 2016, for withdrawal of an application, accompanied by Form FA, under Regulation 30A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. An earlier application under Section 9 of the IB Code had been admitted, and Mr. Tejas Kiranbhai Shah was appointed as IRP.
An application was filed under Section 9 of the IB Code and was admitted. Mr. Tejas Kiranbhai Shah was appointed as the IRP based on a proposal by the Operational Creditor. Subsequently, the matter was settled between the parties. The learned PCS submitted that the Operational Creditor has cleared the dues of the IRP. The CIRP/moratorium ceased to have effect. The IRP is released from his duties, and the Corporate Debtor is freed from the rigour of the CIRP. This led to the filing of an IA under Section 12A for withdrawal of the application.
An application filed…
The instant application…