The case involves an application filed under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, seeking permission to withdraw a company petition (CP(IB) No.439/9/HDB/2018) filed under Section 9 of the IBC. The Adjudicating Authority had admitted the application in CP(IB) No. 439/9/HDB/2018 filed by the Operational Creditor, Atmel Global Sales Limited. The Interim Resolution Professional (IRP) was appointed and initiated Corporate Insolvency Resolution Process (CIRP) proceedings. The operational creditor and corporate debtor agreed to settle the matter for $1,00,000 (USD), which was paid by Excel Eltech.Inc USA on behalf of the Corporate Debtor, Excel Eltech (India) Pvt Ltd.
Atmel Global Sales Limited, an operational creditor, filed a company petition (CP(IB) No. 439/9/HDB/2018) under Section 9 of the IBC against Excel Eltech (India) Pvt Ltd. The Adjudicating Authority admitted the application, initiating CIRP, and appointed an Interim Resolution Professional (IRP). The IRP made a public announcement of the CIRP initiation. Subsequently, in a Committee of Creditors (COC) meeting, both the operational creditor and the corporate debtor agreed to settle the matter for $1,00,000 (USD), which was paid by Excel Eltech.Inc USA on behalf of Excel Eltech (India) Pvt Ltd. The operational creditor then expressed willingness to withdraw the case and issued Form FA. The COC unanimously approved the withdrawal application with 100% voting share. The IRP
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The case involves an application filed under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, seeking permission to withdraw a company petition (CP(IB) No.439/9/HDB/2018) filed under Section 9 of the IBC. The Adjudicating Authority had admitted the application in CP(IB) No. 439/9/HDB/2018 filed by the Operational Creditor, Atmel Global Sales Limited. The Interim Resolution Professional (IRP) was appointed and initiated Corporate Insolvency Resolution Process (CIRP) proceedings. The operational creditor and corporate debtor agreed to settle the matter for $1,00,000 (USD), which was paid by Excel Eltech.Inc USA on behalf of the Corporate Debtor, Excel Eltech (India) Pvt Ltd.
Atmel Global Sales Limited, an operational creditor, filed a company petition (CP(IB) No. 439/9/HDB/2018) under Section 9 of the IBC against Excel Eltech (India) Pvt Ltd. The Adjudicating Authority admitted the application, initiating CIRP, and appointed an Interim Resolution Professional (IRP). The IRP made a public announcement of the CIRP initiation. Subsequently, in a Committee of Creditors (COC) meeting, both the operational creditor and the corporate debtor agreed to settle the matter for $1,00,000 (USD), which was paid by Excel Eltech.Inc USA on behalf of Excel Eltech (India) Pvt Ltd. The operational creditor then expressed willingness to withdraw the case and issued Form FA. The COC unanimously approved the withdrawal application with 100% voting share. The IRP
…Company Petition CP(IB)…
Adjudicating Authority…