The case involves an application under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulation 30A of IBBI, seeking to withdraw the application admitted under Section 9 of IBC, 2016 for Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, Cemcon Engineering Company (P) Ltd. The Financial Creditor and the Committee of Creditors (COC) sought to allow the withdrawal of the CIRP application, which was initially filed by GRS Graphite Private Limited, the Operational Creditor.
GRS Graphite (P) Ltd, the Operational Creditor, initiated CIRP against Cemcon Engg. Co. (P) Ltd, the Corporate Debtor, under Section 9 of the IBC, 2016. The CIRP was initiated on 2018-08-29. Subsequently, a settlement was reached between GRS Graphite (P) Ltd and Cemcon Engg. Co. (P) Ltd. An e-mail communication dated 2018-09-12 confirmed the settlement, and Form-FA was filed. The COC, consisting solely of GRS Graphite (P) Ltd, approved the settlement. The IRP's fees and CIRP costs were addressed. The Corporate Debtor settled the claim of Rs. 15 Lakhs. An application was filed under Section 12A of the IBC, 2016, seeking to withdraw the CIRP application. The key fact is the settlement between the parties, leading to the withdrawal application.
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Corporate Insolvency…
E-mail communication…
The case involves an application under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulation 30A of IBBI, seeking to withdraw the application admitted under Section 9 of IBC, 2016 for Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, Cemcon Engineering Company (P) Ltd. The Financial Creditor and the Committee of Creditors (COC) sought to allow the withdrawal of the CIRP application, which was initially filed by GRS Graphite Private Limited, the Operational Creditor.
GRS Graphite (P) Ltd, the Operational Creditor, initiated CIRP against Cemcon Engg. Co. (P) Ltd, the Corporate Debtor, under Section 9 of the IBC, 2016. The CIRP was initiated on 2018-08-29. Subsequently, a settlement was reached between GRS Graphite (P) Ltd and Cemcon Engg. Co. (P) Ltd. An e-mail communication dated 2018-09-12 confirmed the settlement, and Form-FA was filed. The COC, consisting solely of GRS Graphite (P) Ltd, approved the settlement. The IRP's fees and CIRP costs were addressed. The Corporate Debtor settled the claim of Rs. 15 Lakhs. An application was filed under Section 12A of the IBC, 2016, seeking to withdraw the CIRP application. The key fact is the settlement between the parties, leading to the withdrawal application.
Corporate Insolvency…
E-mail communication…