The case involves an application filed by the Resolution Professional (RP) on behalf of Axis Bank Ltd, the Financial Creditor, under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 30A of the Insolvency and Bankruptcy Board of India (IBBI) Regulations, 2016. The application seeks permission to withdraw the Corporate Insolvency Resolution Process (CIRP) that was initiated against Baypark Hotels & Resorts (P) Ltd. The CIRP was initially admitted under Section 7 of the IBC vide an order dated 2019-06-28. The application also seeks condonation of a 9-day delay in filing the withdrawal application.
Axis Bank Ltd, the Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Baypark Hotels & Resorts (P) Ltd. The CIRP was admitted on 2019-06-28. Mr. Udayraj Patwardhan was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Subsequently, Axis Bank Ltd sought to withdraw the CIRP under Section 12A of the IBC, 2016. Asian Developers PTE Ltd, a promoter of the corporate debtor, proposed a settlement of dues to Axis Bank Ltd. The Financial Creditor accepted the proposal on 2019-08-28. The Financial Creditor undertook to pay the Insolvency Resolution Process Cost of Rs. 17,12,954. Asian Developers PTE Ltd undertook to reimburse/fund any shortfall in the Insolvency Resolution
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CP(IB) No. 563/7/HDB/201…
The Tribunal admitted…
The case involves an application filed by the Resolution Professional (RP) on behalf of Axis Bank Ltd, the Financial Creditor, under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 30A of the Insolvency and Bankruptcy Board of India (IBBI) Regulations, 2016. The application seeks permission to withdraw the Corporate Insolvency Resolution Process (CIRP) that was initiated against Baypark Hotels & Resorts (P) Ltd. The CIRP was initially admitted under Section 7 of the IBC vide an order dated 2019-06-28. The application also seeks condonation of a 9-day delay in filing the withdrawal application.
Axis Bank Ltd, the Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Baypark Hotels & Resorts (P) Ltd. The CIRP was admitted on 2019-06-28. Mr. Udayraj Patwardhan was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Subsequently, Axis Bank Ltd sought to withdraw the CIRP under Section 12A of the IBC, 2016. Asian Developers PTE Ltd, a promoter of the corporate debtor, proposed a settlement of dues to Axis Bank Ltd. The Financial Creditor accepted the proposal on 2019-08-28. The Financial Creditor undertook to pay the Insolvency Resolution Process Cost of Rs. 17,12,954. Asian Developers PTE Ltd undertook to reimburse/fund any shortfall in the Insolvency Resolution
…CP(IB) No. 563/7/HDB/201…
The Tribunal admitted…