IA No. 256 of 2021 was filed under regulation 30A of CIRP Regulation, 2016, read with section 12A of the Insolvency and Bankruptcy Code, 2016. The application sought to set aside the Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor, Essar Shipping Ltd, because a settlement had been reached between the Financial Creditor, L & T Finance Ltd, and the Corporate Debtor.

The application was submitted in Form FA through the Interim Resolution Professional (IRP), Mr. Umesh Harjivandas Ved. The IRP confirmed that his fees and expenses had been settled. Crucially, no Committee of Creditors (COC) had been formed in this case, and there were no objections from any party regarding the settlement or the application to set aside the CIRP.

IA No. 256 of 2021 was filed under regulation 30A of CIRP Regulation, 2016, read with section 12A of the Insolvency and Bankruptcy Code, 2016. The application sought to set aside the Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor, Essar Shipping Ltd, because a settlement had been reached between the Financial Creditor, L & T Finance Ltd, and the Corporate Debtor.

The application was submitted in Form FA through the Interim Resolution Professional (IRP), Mr. Umesh Harjivandas Ved. The IRP confirmed that his fees and expenses had been settled. Crucially, no Committee of Creditors (COC) had been formed in this case, and there were no objections from any party regarding the settlement or the application to set aside the CIRP.