The case involves an application IA(IB) No. 410/KB/2020 filed under Section 12A of the Insolvency and Bankruptcy Code (IBC). The applicant submitted that the matter was settled outside the Tribunal, the Committee of Creditors (CoC) was not constituted, and publication was issued as per Regulation 6(1) in time. The applicant sought approval for the application, stating that the requirements under Section 12A have been met. The Corporate Debtor was admitted for CIRP on 2020-02-28, but the matter was settled out of the Tribunal on 2020-03-03, and the CoC was not constituted because no other claimants had submitted claims before the IRP by that date.
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, stating that the matter had been settled outside the Tribunal. The Committee of Creditors (CoC) had not been constituted. Publication was issued as per Regulation 6(1) in time. The Corporate Debtor was admitted for CIRP on 2020-02-28. On 2020-03-03, the matter was settled out of the Tribunal. No other claimants had submitted claims before the IRP by 2020-03-03. Some financial creditors, Vinod Distributors Pvt. Ltd. and Hitesh Distributors Pvt. Ltd., submitted claims on 2020-03-12, objecting to the application. The IRP explained that the CoC was not constituted due to the settlement, and the claims were not
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Corporate D…
Matter settled…
The case involves an application IA(IB) No. 410/KB/2020 filed under Section 12A of the Insolvency and Bankruptcy Code (IBC). The applicant submitted that the matter was settled outside the Tribunal, the Committee of Creditors (CoC) was not constituted, and publication was issued as per Regulation 6(1) in time. The applicant sought approval for the application, stating that the requirements under Section 12A have been met. The Corporate Debtor was admitted for CIRP on 2020-02-28, but the matter was settled out of the Tribunal on 2020-03-03, and the CoC was not constituted because no other claimants had submitted claims before the IRP by that date.
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, stating that the matter had been settled outside the Tribunal. The Committee of Creditors (CoC) had not been constituted. Publication was issued as per Regulation 6(1) in time. The Corporate Debtor was admitted for CIRP on 2020-02-28. On 2020-03-03, the matter was settled out of the Tribunal. No other claimants had submitted claims before the IRP by 2020-03-03. Some financial creditors, Vinod Distributors Pvt. Ltd. and Hitesh Distributors Pvt. Ltd., submitted claims on 2020-03-12, objecting to the application. The IRP explained that the CoC was not constituted due to the settlement, and the claims were not
…Corporate D…
Matter settled…