The case involves an application (CA(IB) No. 1150/KB/2019) filed under Section 12A of the Insolvency and Bankruptcy Code, 2016, read with Regulation 30A of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, by the Interim Resolution Professional (IRP). The matter was settled out of the Tribunal between the Operational Creditor and the Corporate Debtor, and the committee of members was not constituted. The Operational Creditor's counsel submitted that the entire debt, IRP fees, and costs have been paid. They requested withdrawal of the Corporate Insolvency Resolution Process (CIRP) and the amount deposited in the Escrow Account.
Soufflet Malt Alwar Private Limited was undergoing Corporate Insolvency Resolution Process (CIRP) under Section 9 of the Insolvency and Bankruptcy Code, 2016. An application, CA(IB) No. 1150/KB/2019, was filed by the Interim Resolution Professional (IRP) under Section 12A of the IBC, seeking withdrawal of the CIRP. The basis for the withdrawal was a settlement reached between Soufflet Malt Alwar Private Limited (Corporate Debtor) and Celebrity Breweries Private Limited (Operational Creditor) outside the Tribunal. The Operational Creditor's counsel confirmed that the entire debt, along with IRP fees and costs, had been paid. The application also included a request for the withdrawal of the amount deposited in the Escrow Account, as per the order dated 27/08/2019 and
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The case involves an application (CA(IB) No. 1150/KB/2019) filed under Section 12A of the Insolvency and Bankruptcy Code, 2016, read with Regulation 30A of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, by the Interim Resolution Professional (IRP). The matter was settled out of the Tribunal between the Operational Creditor and the Corporate Debtor, and the committee of members was not constituted. The Operational Creditor's counsel submitted that the entire debt, IRP fees, and costs have been paid. They requested withdrawal of the Corporate Insolvency Resolution Process (CIRP) and the amount deposited in the Escrow Account.
Soufflet Malt Alwar Private Limited was undergoing Corporate Insolvency Resolution Process (CIRP) under Section 9 of the Insolvency and Bankruptcy Code, 2016. An application, CA(IB) No. 1150/KB/2019, was filed by the Interim Resolution Professional (IRP) under Section 12A of the IBC, seeking withdrawal of the CIRP. The basis for the withdrawal was a settlement reached between Soufflet Malt Alwar Private Limited (Corporate Debtor) and Celebrity Breweries Private Limited (Operational Creditor) outside the Tribunal. The Operational Creditor's counsel confirmed that the entire debt, along with IRP fees and costs, had been paid. The application also included a request for the withdrawal of the amount deposited in the Escrow Account, as per the order dated 27/08/2019 and
…Hearing held on…
Order date f…