The case involves an application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against Gora Marine Pvt. Ltd. The application was filed under Section 9 of the Insolvency & Bankruptcy Code (IBC). The CIRP was initiated before the constitution of the Committee of Creditors (CoC). The application for withdrawal is based on a settlement reached out of court, and relies on the judgment of the Supreme Court of India in the case of Swiss Ribbens V/s. Union of India.
Gora Marine Pvt. Ltd. was undergoing Corporate Insolvency Resolution Process (CIRP) initiated by Big Power Glass India Pvt. Ltd. under Section 9 of the Insolvency & Bankruptcy Code (IBC). The CIRP was at a preliminary stage, before the constitution of the Committee of Creditors (CoC). The parties reached an out-of-court settlement, with the corporate debtor, Gora Marine Pvt. Ltd., paying the entire claim of the operational creditor, Big Power Glass India Pvt. Ltd. The operational creditor then filed an application to withdraw the CIRP. The IRP, Manish Buchasia, had no objection to the withdrawal, provided that his professional fees and charges were paid. The Director of the Company submitted that the matter has been settled out of Court and entire its claim has
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Gora Marine Pvt. Ltd. V/s. Big Power Glass India…
The IA 471/2019 is allowed and stands disposed…
The case involves an application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against Gora Marine Pvt. Ltd. The application was filed under Section 9 of the Insolvency & Bankruptcy Code (IBC). The CIRP was initiated before the constitution of the Committee of Creditors (CoC). The application for withdrawal is based on a settlement reached out of court, and relies on the judgment of the Supreme Court of India in the case of Swiss Ribbens V/s. Union of India.
Gora Marine Pvt. Ltd. was undergoing Corporate Insolvency Resolution Process (CIRP) initiated by Big Power Glass India Pvt. Ltd. under Section 9 of the Insolvency & Bankruptcy Code (IBC). The CIRP was at a preliminary stage, before the constitution of the Committee of Creditors (CoC). The parties reached an out-of-court settlement, with the corporate debtor, Gora Marine Pvt. Ltd., paying the entire claim of the operational creditor, Big Power Glass India Pvt. Ltd. The operational creditor then filed an application to withdraw the CIRP. The IRP, Manish Buchasia, had no objection to the withdrawal, provided that his professional fees and charges were paid. The Director of the Company submitted that the matter has been settled out of Court and entire its claim has
…Gora Marine Pvt. Ltd. V/s. Big Power Glass India…
The IA 471/2019 is allowed and stands disposed…