The case involves an application filed by the Interim Resolution Professional (IRP) under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulation 30A of the IBBI (CIRP) Regulations, 2016, seeking permission to withdraw a Company Petition (CP(IB)No.31/9/HDB/2019). The tribunal had previously admitted the petition filed under Section 9 of the IBC by the Operational Creditor and initiated the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. A public announcement was made on September 15, 2019. Subsequently, a settlement was reached between the Corporate Debtor and the Operational Creditor.
IVP Limited, the Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, against Deccan Brakes Private Limited, the Corporate Debtor. The National Company Law Tribunal (NCLT) admitted the petition on September 11, 2019, initiating the Corporate Insolvency Resolution Process (CIRP) and imposing a moratorium. Subsequently, the Corporate Debtor and the Operational Creditor reached a settlement. The Interim Resolution Professional (IRP) then filed an application under Section 12A of the IBC, read with Regulation 30A of the IBBI (CIRP) Regulations, 2016, seeking to withdraw the petition. The IRP confirmed that all expenses incurred up to the filing of the withdrawal application, amounting to Rs. 1,90,000, had been paid. The
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Tribunal admitted the petition filed under…
The case involves an application filed by the Interim Resolution Professional (IRP) under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulation 30A of the IBBI (CIRP) Regulations, 2016, seeking permission to withdraw a Company Petition (CP(IB)No.31/9/HDB/2019). The tribunal had previously admitted the petition filed under Section 9 of the IBC by the Operational Creditor and initiated the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. A public announcement was made on September 15, 2019. Subsequently, a settlement was reached between the Corporate Debtor and the Operational Creditor.
IVP Limited, the Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, against Deccan Brakes Private Limited, the Corporate Debtor. The National Company Law Tribunal (NCLT) admitted the petition on September 11, 2019, initiating the Corporate Insolvency Resolution Process (CIRP) and imposing a moratorium. Subsequently, the Corporate Debtor and the Operational Creditor reached a settlement. The Interim Resolution Professional (IRP) then filed an application under Section 12A of the IBC, read with Regulation 30A of the IBBI (CIRP) Regulations, 2016, seeking to withdraw the petition. The IRP confirmed that all expenses incurred up to the filing of the withdrawal application, amounting to Rs. 1,90,000, had been paid. The
…Hearing held o…
Tribunal admitted the petition filed under…