The case involves an application by the Resolution Professional seeking the discharge of the Corporate Debtor and withdrawal of the CIRP proceedings. The Operational Creditor intended to withdraw the proceedings due to the unavailability of assets and liquidation not being a viable option. The CoC was formed, with the original petitioner as the sole member.
The Resolution Professional filed an application seeking the discharge of the Corporate Debtor and withdrawal of the CIRP proceedings. The application was made under Section 12A of the IB Code read with Regulation 30A of IBBI Regulations. The Operational Creditor intended to withdraw the proceedings because no assets were available and liquidation was not a viable option. The Resolution Professional confirmed that all fees and expenses had been paid. The CoC was formed, and the original petitioner was the sole member. The CP (IB No. 3213 of ND/2019)'s CIRP was initiated against the Corporate Debtor.
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Order delivered on…
The case involves an application by the Resolution Professional seeking the discharge of the Corporate Debtor and withdrawal of the CIRP proceedings. The Operational Creditor intended to withdraw the proceedings due to the unavailability of assets and liquidation not being a viable option. The CoC was formed, with the original petitioner as the sole member.
The Resolution Professional filed an application seeking the discharge of the Corporate Debtor and withdrawal of the CIRP proceedings. The application was made under Section 12A of the IB Code read with Regulation 30A of IBBI Regulations. The Operational Creditor intended to withdraw the proceedings because no assets were available and liquidation was not a viable option. The Resolution Professional confirmed that all fees and expenses had been paid. The CoC was formed, and the original petitioner was the sole member. The CP (IB No. 3213 of ND/2019)'s CIRP was initiated against the Corporate Debtor.
Order delivered on…