The case involves an application for withdrawal of a petition filed under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The petition was initially admitted by the National Company Law Tribunal (NCLT), Hyderabad Bench, initiating the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor. The application for withdrawal is based on a settlement reached between the operational creditor and the corporate debtor before the constitution of the Committee of Creditors (COC). The Interim Resolution Professional (IRP) has filed the application under Section 12A of the IBC, read with Regulation 30A of the IBBI (CIRP) Regulations, 2016, seeking permission to withdraw the CIRP.
Avishkar Industries (P) Ltd initiated a Corporate Insolvency Resolution Process (CIRP) against Bevcon Wayors Pvt Ltd under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The petition was admitted by the NCLT on 18.10.2019. CS Dr. Ahalada Rao Vummenthala was appointed as the Interim Resolution Professional (IRP). Before the constitution of the Committee of Creditors (COC), both parties, Avishkar Industries (P) Ltd and Bevcon Wayors Pvt Ltd, reached a settlement. Consequently, Avishkar Industries (P) Ltd filed Form-FA for withdrawal of the Company Petition. The IRP then filed IA No.920/2019 seeking permission to withdraw the CIRP. The IRP confirmed that he had received full fees and costs. The key fact is that the settlement occurred before the COC was
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The tribunal admitted the petition filed under…
The case involves an application for withdrawal of a petition filed under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The petition was initially admitted by the National Company Law Tribunal (NCLT), Hyderabad Bench, initiating the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor. The application for withdrawal is based on a settlement reached between the operational creditor and the corporate debtor before the constitution of the Committee of Creditors (COC). The Interim Resolution Professional (IRP) has filed the application under Section 12A of the IBC, read with Regulation 30A of the IBBI (CIRP) Regulations, 2016, seeking permission to withdraw the CIRP.
Avishkar Industries (P) Ltd initiated a Corporate Insolvency Resolution Process (CIRP) against Bevcon Wayors Pvt Ltd under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The petition was admitted by the NCLT on 18.10.2019. CS Dr. Ahalada Rao Vummenthala was appointed as the Interim Resolution Professional (IRP). Before the constitution of the Committee of Creditors (COC), both parties, Avishkar Industries (P) Ltd and Bevcon Wayors Pvt Ltd, reached a settlement. Consequently, Avishkar Industries (P) Ltd filed Form-FA for withdrawal of the Company Petition. The IRP then filed IA No.920/2019 seeking permission to withdraw the CIRP. The IRP confirmed that he had received full fees and costs. The key fact is that the settlement occurred before the COC was
…The case was h…
The tribunal admitted the petition filed under…