The case involves an application for the withdrawal of the Corporate Insolvency Resolution Process (CIRP) against CAPL Hotels and Spa Pvt. Ltd. The Interim Resolution Professional (IRP) submitted a report regarding the constitution of the committee of creditors (CoC), which consists of one operational creditor. The CoC resolved to withdraw the CIRP process, as the sole member stated to have received the dues.
M/s. Knight Frank (India) Pvt. Ltd. initiated a Corporate Insolvency Resolution Process (CIRP) against M/s. CAPL Hotels and Spa Pvt. Ltd. under Section 9 of the Insolvency and Bankruptcy Code (IBC). An Interim Resolution Professional (IRP) was appointed. The IRP submitted a report indicating that the Committee of Creditors (CoC) consisted of only one operational creditor. Subsequently, an application was filed under Section 12A of the IBC, read with Regulation 30A of the IBBI (IRP for CP) Regulations 2016, seeking withdrawal of the CIRP. The CoC had resolved to withdraw the CIRP because the sole member of the CoC stated that they had received the dues. The court considered the submissions of the IRP's counsel and the Resolution Professional, including a 5% CoC
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The case involves an application for the withdrawal of the Corporate Insolvency Resolution Process (CIRP) against CAPL Hotels and Spa Pvt. Ltd. The Interim Resolution Professional (IRP) submitted a report regarding the constitution of the committee of creditors (CoC), which consists of one operational creditor. The CoC resolved to withdraw the CIRP process, as the sole member stated to have received the dues.
M/s. Knight Frank (India) Pvt. Ltd. initiated a Corporate Insolvency Resolution Process (CIRP) against M/s. CAPL Hotels and Spa Pvt. Ltd. under Section 9 of the Insolvency and Bankruptcy Code (IBC). An Interim Resolution Professional (IRP) was appointed. The IRP submitted a report indicating that the Committee of Creditors (CoC) consisted of only one operational creditor. Subsequently, an application was filed under Section 12A of the IBC, read with Regulation 30A of the IBBI (IRP for CP) Regulations 2016, seeking withdrawal of the CIRP. The CoC had resolved to withdraw the CIRP because the sole member of the CoC stated that they had received the dues. The court considered the submissions of the IRP's counsel and the Resolution Professional, including a 5% CoC
…Order delivered on…