The case involves an application 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. The committee of members had not been constituted.
Soufflet Malt Alwar Private Limited initiated a Corporate Insolvency Resolution Process (CIRP) against Celebrity Breweries Private Limited under Section 9 of the IBC. The Interim Resolution Professional (IRP) filed an application (CA(IB) No. 1150/KB/2019) under Section 12A of the IBC, seeking withdrawal of the CIRP because the matter was settled out of court between the Operational Creditor (Soufflet Malt Alwar Private Limited) and the Corporate Debtor (Celebrity Breweries Private Limited). The Operational Creditor's counsel submitted that the entire debt, including IRP fees and costs, had been paid. The IRP also requested the withdrawal of the amount deposited in the Escrow Account. The court noted that the committee of members had not been constituted.
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The case involves an application 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. The committee of members had not been constituted.
Soufflet Malt Alwar Private Limited initiated a Corporate Insolvency Resolution Process (CIRP) against Celebrity Breweries Private Limited under Section 9 of the IBC. The Interim Resolution Professional (IRP) filed an application (CA(IB) No. 1150/KB/2019) under Section 12A of the IBC, seeking withdrawal of the CIRP because the matter was settled out of court between the Operational Creditor (Soufflet Malt Alwar Private Limited) and the Corporate Debtor (Celebrity Breweries Private Limited). The Operational Creditor's counsel submitted that the entire debt, including IRP fees and costs, had been paid. The IRP also requested the withdrawal of the amount deposited in the Escrow Account. The court noted that the committee of members had not been constituted.
Hearing held on…
Order date for the…