The case involves an application filed under Section 12A r.w. Section 30A of the Insolvency & Bankruptcy Code, 2016, by the Resolution Professional (RP) of Duke Enterprise Pvt. Ltd. The RP sought withdrawal of the main IB petition filed by Dena Bank (now Bank of Baroda) under Section 7 of the IBC, which had been admitted by the Adjudicating Authority. The Committee of Creditors (CoC), with Bank of Baroda as the sole member, resolved to recall the Corporate Insolvency Resolution Process (CIRP). The RP was authorized to move the present application for withdrawal.
Dena Bank (now Bank of Baroda) filed an IB petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, against Duke Enterprise Pvt. Ltd., which was admitted by the Adjudicating Authority. Subsequently, the Committee of Creditors (CoC) was constituted, with Bank of Baroda as the sole financial creditor, with a claim of Rs. 7,76,20,920.53. The Resolution Professional (RP) reported that the suspended management of the Corporate Debtor was untraceable and not providing necessary information. The RP sought information/documents from the suspended management, but no information was received. The CoC passed a resolution with 100% voting to withdraw the IB petition and recall the CIRP. The RP then filed an application under Section 12A of the IBC for withdrawal of
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The Adjudicating…
The Adjudicating Authority issued an order…
The case involves an application filed under Section 12A r.w. Section 30A of the Insolvency & Bankruptcy Code, 2016, by the Resolution Professional (RP) of Duke Enterprise Pvt. Ltd. The RP sought withdrawal of the main IB petition filed by Dena Bank (now Bank of Baroda) under Section 7 of the IBC, which had been admitted by the Adjudicating Authority. The Committee of Creditors (CoC), with Bank of Baroda as the sole member, resolved to recall the Corporate Insolvency Resolution Process (CIRP). The RP was authorized to move the present application for withdrawal.
Dena Bank (now Bank of Baroda) filed an IB petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, against Duke Enterprise Pvt. Ltd., which was admitted by the Adjudicating Authority. Subsequently, the Committee of Creditors (CoC) was constituted, with Bank of Baroda as the sole financial creditor, with a claim of Rs. 7,76,20,920.53. The Resolution Professional (RP) reported that the suspended management of the Corporate Debtor was untraceable and not providing necessary information. The RP sought information/documents from the suspended management, but no information was received. The CoC passed a resolution with 100% voting to withdraw the IB petition and recall the CIRP. The RP then filed an application under Section 12A of the IBC for withdrawal of
…The Adjudicating…
The Adjudicating Authority issued an order…