The case involves an application filed by the Interim Resolution Professional (IRP) under the Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor. The CIRP was initiated vide order dated 02.11.2021. The IRP sought withdrawal of the CIRP under Section 12A of the Insolvency & Bankruptcy Code, 2016, as the Operational Creditor and the Corporate Debtor had settled their claims.
The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor via an order dated 02.11.2021. The Applicant was appointed as the Interim Resolution Professional (IRP). Subsequently, the Operational Creditor and the Corporate Debtor reached a settlement, documented in a Memorandum of Joint Settlement dated 05.11.2021. The IRP received Form-FA from the Operational Creditor, Trane Technologies India Private Limited, also dated 05.11.2021. The settlement amount was Rs.26,80,642/-, and the entire payment was received by 05.11.2021. The IRP filed an application seeking withdrawal of the CIRP under Section 12A of the Insolvency & Bankruptcy Code, 2016. The IRP's counsel stated that all expenses and fees had been received. The settlement
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CIRP was initi…
Operational Creditor and Corporate Debtor…
The case involves an application filed by the Interim Resolution Professional (IRP) under the Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor. The CIRP was initiated vide order dated 02.11.2021. The IRP sought withdrawal of the CIRP under Section 12A of the Insolvency & Bankruptcy Code, 2016, as the Operational Creditor and the Corporate Debtor had settled their claims.
The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor via an order dated 02.11.2021. The Applicant was appointed as the Interim Resolution Professional (IRP). Subsequently, the Operational Creditor and the Corporate Debtor reached a settlement, documented in a Memorandum of Joint Settlement dated 05.11.2021. The IRP received Form-FA from the Operational Creditor, Trane Technologies India Private Limited, also dated 05.11.2021. The settlement amount was Rs.26,80,642/-, and the entire payment was received by 05.11.2021. The IRP filed an application seeking withdrawal of the CIRP under Section 12A of the Insolvency & Bankruptcy Code, 2016. The IRP's counsel stated that all expenses and fees had been received. The settlement
…CIRP was initi…
Operational Creditor and Corporate Debtor…