The case involves an application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against C-TEL INFOSYSTEMSPRIVATE LIMITED. The CIRP was initiated based on an application by PVM INNVENSYS PRIVATE LIMITED, an operational creditor. An appeal against the initiation of CIRP was filed by Mr. K. Srinivas Krishna, the suspended director of the corporate debtor, before the NCLAT. The NCLAT granted an interim stay on the constitution of the Committee of Creditors (CoC) and advised the parties to settle the matter. Subsequently, the NCLAT passed an order stating that the operational creditor's claim was not tenable and vacated the interim stay, directing the IRP to take further action. The CoC was constituted with State Bank of India as the sole
…1. PVM INNVENSYS PRIVATE LIMITED initiated CIRP against C-TEL INFOSYSTEMSPRIVATE LIMITED.
2. Shyam Arora was appointed as the Interim Resolution Professional (IRP).
3. An appeal was filed by Mr. K. Srinivas Krishna, the suspended director, before the NCLAT.
4. The NCLAT granted an interim stay on the constitution of the CoC and advised settlement.
5. The NCLAT later vacated the stay and directed the IRP to proceed with the CIRP.
6. The CoC was constituted with State Bank of India as the sole financial creditor.
7. The IRP filed an application for withdrawal of the CIRP under Section 12A of the IBC.
8. The Operational Creditor objected to the withdrawal application, claiming outstanding dues.
9. The CoC approved the withdrawal with 100% voting share.
10. Axis Bank's claim was
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Adjudicating Authority…
Shyam Arora was…
The case involves an application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against C-TEL INFOSYSTEMSPRIVATE LIMITED. The CIRP was initiated based on an application by PVM INNVENSYS PRIVATE LIMITED, an operational creditor. An appeal against the initiation of CIRP was filed by Mr. K. Srinivas Krishna, the suspended director of the corporate debtor, before the NCLAT. The NCLAT granted an interim stay on the constitution of the Committee of Creditors (CoC) and advised the parties to settle the matter. Subsequently, the NCLAT passed an order stating that the operational creditor's claim was not tenable and vacated the interim stay, directing the IRP to take further action. The CoC was constituted with State Bank of India as the sole
…1. PVM INNVENSYS PRIVATE LIMITED initiated CIRP against C-TEL INFOSYSTEMSPRIVATE LIMITED.
2. Shyam Arora was appointed as the Interim Resolution Professional (IRP).
3. An appeal was filed by Mr. K. Srinivas Krishna, the suspended director, before the NCLAT.
4. The NCLAT granted an interim stay on the constitution of the CoC and advised settlement.
5. The NCLAT later vacated the stay and directed the IRP to proceed with the CIRP.
6. The CoC was constituted with State Bank of India as the sole financial creditor.
7. The IRP filed an application for withdrawal of the CIRP under Section 12A of the IBC.
8. The Operational Creditor objected to the withdrawal application, claiming outstanding dues.
9. The CoC approved the withdrawal with 100% voting share.
10. Axis Bank's claim was
Adjudicating Authority…
Shyam Arora was…