The case involves an application filed by the Interim Resolution Professional (IRP) under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, seeking permission to withdraw the Company Petition CP(IB)No.219/9/HDB/2019. The petition was initially admitted under Section 9 of the IBC by the Operational Creditor, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor. The IRP was appointed and directed to take necessary actions. Before the issuance of a public announcement, the operational creditor and corporate debtor reached a settlement, prompting the operational creditor to file Form-FA for withdrawal of the Company Petition. The operational creditor also submitted Form-FA duly signed by the Managing
…On 18.10.2019, the tribunal admitted a petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by the Operational Creditor, initiating the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor, Bevcon Wayors Private Limited. Shri Ahalada Rao Vummenthala was appointed as the Interim Resolution Professional (IRP). Before a public announcement was made, the operational creditor and the corporate debtor reached a settlement. Consequently, the operational creditor filed Form-FA for withdrawal of the Company Petition and submitted it on 22.10.2019. The IRP reported to the tribunal that the parties had settled the matter and requested the withdrawal of the petition. The Committee of Creditors (COC) had not yet been constituted. The
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The tribunal admitted the petition filed under…
The operational…
The case involves an application filed by the Interim Resolution Professional (IRP) under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, seeking permission to withdraw the Company Petition CP(IB)No.219/9/HDB/2019. The petition was initially admitted under Section 9 of the IBC by the Operational Creditor, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor. The IRP was appointed and directed to take necessary actions. Before the issuance of a public announcement, the operational creditor and corporate debtor reached a settlement, prompting the operational creditor to file Form-FA for withdrawal of the Company Petition. The operational creditor also submitted Form-FA duly signed by the Managing
…On 18.10.2019, the tribunal admitted a petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by the Operational Creditor, initiating the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor, Bevcon Wayors Private Limited. Shri Ahalada Rao Vummenthala was appointed as the Interim Resolution Professional (IRP). Before a public announcement was made, the operational creditor and the corporate debtor reached a settlement. Consequently, the operational creditor filed Form-FA for withdrawal of the Company Petition and submitted it on 22.10.2019. The IRP reported to the tribunal that the parties had settled the matter and requested the withdrawal of the petition. The Committee of Creditors (COC) had not yet been constituted. The
…The tribunal admitted the petition filed under…
The operational…