The case involves an application (IA No. 264/JPR/2020) filed for urgent hearing of IA No. 410/JPR/2019. IA No. 410/JPR/2019 was filed by the Resolution Professional (RP) of Forts Biotech Pvt. Ltd. under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, seeking withdrawal of Corporate Insolvency Resolution Process (CIRP) initiated against Forts Biotech Pvt. Ltd. (Corporate Debtor). The CIRP was initiated on 08.03.2019 when CP No. 81/7/JPR/2018 was admitted. The Suspended Board of Directors of the Corporate Debtor settled the matter with the Committee of Creditors (CoC). The CoC, in its 9th meeting held on 07.11.2019, resolved to withdraw the CP No. 81/7/JPR/2018 with 100% voting share and authorized the RP to file an application before the Adjudicating
…DCB Bank is the Financial Creditor. Forts Biotech Pvt. Ltd. is the Corporate Debtor. CIRP was initiated against Forts Biotech Pvt. Ltd. on 08.03.2019 when CP No. 81/7/JPR/2018 was admitted. The Suspended Board of Directors of the Corporate Debtor settled the matter with the CoC members. The CoC, in its 9th meeting held on 07.11.2019, resolved to withdraw the CP No. 81/7/JPR/2018 with 100% voting share. Kamal Kumar Jain, RP of Forts Biotech Pvt. Ltd., filed IA No. 410/JPR/2019 seeking withdrawal of the CP No. 81/7/JPR/2018. IA No. 264/JPR/2020 was filed for urgent hearing of IA No. 410/JPR/2019. The key fact is the settlement between the Corporate Debtor and the CoC, leading to the CoC's decision to withdraw the CIRP.
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CIRP against Forts…
The CoC in its 9th meeting resolved to withdraw…
The case involves an application (IA No. 264/JPR/2020) filed for urgent hearing of IA No. 410/JPR/2019. IA No. 410/JPR/2019 was filed by the Resolution Professional (RP) of Forts Biotech Pvt. Ltd. under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, seeking withdrawal of Corporate Insolvency Resolution Process (CIRP) initiated against Forts Biotech Pvt. Ltd. (Corporate Debtor). The CIRP was initiated on 08.03.2019 when CP No. 81/7/JPR/2018 was admitted. The Suspended Board of Directors of the Corporate Debtor settled the matter with the Committee of Creditors (CoC). The CoC, in its 9th meeting held on 07.11.2019, resolved to withdraw the CP No. 81/7/JPR/2018 with 100% voting share and authorized the RP to file an application before the Adjudicating
…DCB Bank is the Financial Creditor. Forts Biotech Pvt. Ltd. is the Corporate Debtor. CIRP was initiated against Forts Biotech Pvt. Ltd. on 08.03.2019 when CP No. 81/7/JPR/2018 was admitted. The Suspended Board of Directors of the Corporate Debtor settled the matter with the CoC members. The CoC, in its 9th meeting held on 07.11.2019, resolved to withdraw the CP No. 81/7/JPR/2018 with 100% voting share. Kamal Kumar Jain, RP of Forts Biotech Pvt. Ltd., filed IA No. 410/JPR/2019 seeking withdrawal of the CP No. 81/7/JPR/2018. IA No. 264/JPR/2020 was filed for urgent hearing of IA No. 410/JPR/2019. The key fact is the settlement between the Corporate Debtor and the CoC, leading to the CoC's decision to withdraw the CIRP.
CIRP against Forts…
The CoC in its 9th meeting resolved to withdraw…