The case involves an application (CA(IB) No. 1491/KB/2019) filed by the Resolution Professional (RP) under Section 12A, seeking withdrawal of CP(IB) No. 737/KB/2019. The reason for the withdrawal is the settlement arrived at between the Operational Creditor and the Corporate Debtor.
Vaikunth Motor Finance Pvt. Ltd. is involved in a case against Endless Properties Pvt. Ltd. A Corporate Insolvency Resolution Process (CIRP) application (CP(IB) No. 737/KB/2019) was filed. The Resolution Professional (RP) filed an application (CA(IB) No. 1491/KB/2019) under Section 12A of the Insolvency and Bankruptcy Code (IBC) seeking withdrawal of the CIRP application due to a settlement between the Operational Creditor and the Corporate Debtor. The Committee of Creditors (CoC) approved the withdrawal with 100% vote share. The RP's fees and costs were discharged. The court found the settlement satisfactory and approved the withdrawal.
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Hearing held on…
The case involves an application (CA(IB) No. 1491/KB/2019) filed by the Resolution Professional (RP) under Section 12A, seeking withdrawal of CP(IB) No. 737/KB/2019. The reason for the withdrawal is the settlement arrived at between the Operational Creditor and the Corporate Debtor.
Vaikunth Motor Finance Pvt. Ltd. is involved in a case against Endless Properties Pvt. Ltd. A Corporate Insolvency Resolution Process (CIRP) application (CP(IB) No. 737/KB/2019) was filed. The Resolution Professional (RP) filed an application (CA(IB) No. 1491/KB/2019) under Section 12A of the Insolvency and Bankruptcy Code (IBC) seeking withdrawal of the CIRP application due to a settlement between the Operational Creditor and the Corporate Debtor. The Committee of Creditors (CoC) approved the withdrawal with 100% vote share. The RP's fees and costs were discharged. The court found the settlement satisfactory and approved the withdrawal.
Hearing held on…