The case involves an application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against M/s. Fomra Sales Private Limited. The CIRP was initially triggered by an Operational Creditor under Section 9 of the IBC, 2016, and the Tribunal admitted the petition on 27.04.2021, appointing an Interim Resolution Professional (IRP). Subsequently, the Operational Creditor decided to withdraw the CIRP, and the Committee of Creditors (CoC), consisting solely of the Operational Creditor, passed a resolution for withdrawal.
An application was filed for the withdrawal of the CIRP against M/s. Fomra Sales Private Limited. The CIRP was initially initiated based on an application by an Operational Creditor under Section 9 of the IBC, 2016. The Tribunal admitted the petition on 27.04.2021 and appointed B. Sathrukkanan as the IRP. A public announcement was made on 29.04.2021 and 30.04.2021. The IRP received claims from two creditors: Nangalwala Industries Private Limited and Fomra Cables and Electricals. The first CoC meeting was held on 25.05.2021, with the Operational Creditor as the sole member. The Operational Creditor then decided to withdraw the CIRP, and a compromise memo was executed on 30.06.2021 for Rs.5,00,000. The Corporate Debtor paid the Operational Creditor on 22.06.2021. The CoC
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Filing of IBA/1115/2019…
Tribunal admits the…
The case involves an application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against M/s. Fomra Sales Private Limited. The CIRP was initially triggered by an Operational Creditor under Section 9 of the IBC, 2016, and the Tribunal admitted the petition on 27.04.2021, appointing an Interim Resolution Professional (IRP). Subsequently, the Operational Creditor decided to withdraw the CIRP, and the Committee of Creditors (CoC), consisting solely of the Operational Creditor, passed a resolution for withdrawal.
An application was filed for the withdrawal of the CIRP against M/s. Fomra Sales Private Limited. The CIRP was initially initiated based on an application by an Operational Creditor under Section 9 of the IBC, 2016. The Tribunal admitted the petition on 27.04.2021 and appointed B. Sathrukkanan as the IRP. A public announcement was made on 29.04.2021 and 30.04.2021. The IRP received claims from two creditors: Nangalwala Industries Private Limited and Fomra Cables and Electricals. The first CoC meeting was held on 25.05.2021, with the Operational Creditor as the sole member. The Operational Creditor then decided to withdraw the CIRP, and a compromise memo was executed on 30.06.2021 for Rs.5,00,000. The Corporate Debtor paid the Operational Creditor on 22.06.2021. The CoC
…Filing of IBA/1115/2019…
Tribunal admits the…