The case involves an application (IA(IB) No. 410/KB/2020) filed under Section 12A of the Insolvency and Bankruptcy Code (IBC) seeking approval for the settlement of the matter outside the Tribunal. The Corporate Debtor was admitted into CIRP on 2020-02-28. The Committee of Creditors (CoC) was not constituted because the matter was settled out of the Tribunal on 2020-03-03, and no other claimants had submitted claims before the Interim Resolution Professional (IRP) by that date. Financial creditors, Vinod Distributors Pvt. Ltd. and Hitesh Distributors Pvt. Ltd., submitted their claims to the IRP on 2020-03-12 after the notification issued in the newspaper by the IRP.
GHG Softech Ltd. was undergoing Corporate Insolvency Resolution Process (CIRP). An application, IA(IB) No. 410/KB/2020, was filed under Section 12A of the IBC, seeking approval for the settlement of the matter outside the Tribunal. The CIRP was initiated vide order dated 2020-02-28. The Committee of Creditors (CoC) was not constituted as the matter was settled out of the Tribunal on 2020-03-03. Financial creditors, Vinod Distributors Pvt. Ltd. and Hitesh Distributors Pvt. Ltd., submitted their claims to the IRP on 2020-03-12. The IRP did not proceed further and filed the application under Section 12A. The Tribunal found the IRP's explanation for not constituting the CoC satisfactory.
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The Corporate Debtor…
The matter was…
The case involves an application (IA(IB) No. 410/KB/2020) filed under Section 12A of the Insolvency and Bankruptcy Code (IBC) seeking approval for the settlement of the matter outside the Tribunal. The Corporate Debtor was admitted into CIRP on 2020-02-28. The Committee of Creditors (CoC) was not constituted because the matter was settled out of the Tribunal on 2020-03-03, and no other claimants had submitted claims before the Interim Resolution Professional (IRP) by that date. Financial creditors, Vinod Distributors Pvt. Ltd. and Hitesh Distributors Pvt. Ltd., submitted their claims to the IRP on 2020-03-12 after the notification issued in the newspaper by the IRP.
GHG Softech Ltd. was undergoing Corporate Insolvency Resolution Process (CIRP). An application, IA(IB) No. 410/KB/2020, was filed under Section 12A of the IBC, seeking approval for the settlement of the matter outside the Tribunal. The CIRP was initiated vide order dated 2020-02-28. The Committee of Creditors (CoC) was not constituted as the matter was settled out of the Tribunal on 2020-03-03. Financial creditors, Vinod Distributors Pvt. Ltd. and Hitesh Distributors Pvt. Ltd., submitted their claims to the IRP on 2020-03-12. The IRP did not proceed further and filed the application under Section 12A. The Tribunal found the IRP's explanation for not constituting the CoC satisfactory.
The Corporate Debtor…
The matter was…