The case involves an application under Section 12A of the Insolvency and Bankruptcy Code, 2016, for withdrawal of an IB Petition (CP(IB) No. 674 of 2019) that was previously admitted by the Adjudicating Authority. The Operational Creditor filed Form FA, which is annexed with the application, indicating their consent for withdrawal. The matter was affirmed by the Hon'ble Supreme Court in Swiss Ribbons vs. Union of India and Brilliant Alloys Pvt. Ltd. vs. Mr. S. Rajagopal & Ors.
An IB Petition (CP(IB) No. 674 of 2019) was admitted by the Adjudicating Authority. Subsequently, an application was filed under Section 12A of the Insolvency and Bankruptcy Code, 2016, for withdrawal of the IB Petition. The Operational Creditor submitted Form FA, indicating their consent for withdrawal. The IRP confirmed that all payments for professional fees and expenses had been received. The Adjudicating Authority considered the application and the Supreme Court's decisions in Swiss Ribbons vs. Union of India and Brilliant Alloys Pvt. Ltd. vs. Mr. S. Rajagopal & Ors. The relevance of the facts lies in demonstrating the fulfillment of conditions for withdrawal of the IB Petition, including the Operational Creditor's consent and the IRP's confirmation of payment.
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CP(IB) No. 674…
CP (IB) No. 674 of 2019…
The case involves an application under Section 12A of the Insolvency and Bankruptcy Code, 2016, for withdrawal of an IB Petition (CP(IB) No. 674 of 2019) that was previously admitted by the Adjudicating Authority. The Operational Creditor filed Form FA, which is annexed with the application, indicating their consent for withdrawal. The matter was affirmed by the Hon'ble Supreme Court in Swiss Ribbons vs. Union of India and Brilliant Alloys Pvt. Ltd. vs. Mr. S. Rajagopal & Ors.
An IB Petition (CP(IB) No. 674 of 2019) was admitted by the Adjudicating Authority. Subsequently, an application was filed under Section 12A of the Insolvency and Bankruptcy Code, 2016, for withdrawal of the IB Petition. The Operational Creditor submitted Form FA, indicating their consent for withdrawal. The IRP confirmed that all payments for professional fees and expenses had been received. The Adjudicating Authority considered the application and the Supreme Court's decisions in Swiss Ribbons vs. Union of India and Brilliant Alloys Pvt. Ltd. vs. Mr. S. Rajagopal & Ors. The relevance of the facts lies in demonstrating the fulfillment of conditions for withdrawal of the IB Petition, including the Operational Creditor's consent and the IRP's confirmation of payment.
CP(IB) No. 674…
CP (IB) No. 674 of 2019…