The present CA No.158/18 has been filed by the RP seeking withdrawal of the CIRP and to release the Corporate Debtor from the ambit of law. The application for withdrawal is based on Section 12(a) of the I&B Code, 2016, which allows for withdrawal of the application after admission under Sections 7, 9, and 10 of the IBC, provided there is approval of 90% of the voting share of the Committee of Creditors (COC).
The Resolution Professional (RP) filed an application (CA No. 158/18) seeking to withdraw the Corporate Insolvency Resolution Process (CIRP) against Centenary Polytex Pvt Ltd. This withdrawal application is based on Section 12(a) of the Insolvency and Bankruptcy Code (IBC), 2016. The application was filed after the admission of the initial application under Sections 7, 9, or 10 of the IBC. The Committee of Creditors (COC) approved the withdrawal with 90% of the voting share. The progress report indicates that the withdrawal of the petition has been approved by the COC with 100% of the voting share. The court considered the amended provision of Section 12(a) of the IBC.
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The present CA No.158/18 has been filed by the RP seeking withdrawal of the CIRP and to release the Corporate Debtor from the ambit of law. The application for withdrawal is based on Section 12(a) of the I&B Code, 2016, which allows for withdrawal of the application after admission under Sections 7, 9, and 10 of the IBC, provided there is approval of 90% of the voting share of the Committee of Creditors (COC).
The Resolution Professional (RP) filed an application (CA No. 158/18) seeking to withdraw the Corporate Insolvency Resolution Process (CIRP) against Centenary Polytex Pvt Ltd. This withdrawal application is based on Section 12(a) of the Insolvency and Bankruptcy Code (IBC), 2016. The application was filed after the admission of the initial application under Sections 7, 9, or 10 of the IBC. The Committee of Creditors (COC) approved the withdrawal with 90% of the voting share. The progress report indicates that the withdrawal of the petition has been approved by the COC with 100% of the voting share. The court considered the amended provision of Section 12(a) of the IBC.
Filing of Corporate…
Hearing of Allahabad…
Sign in to view related legal provisions.