An application was filed under Section 12A read with Section 60(5) of the Insolvency & Bankruptcy Code, 2016. M/s.Fairmacs Shipping and Transport Services Pvt. Ltd., in the capacity of an Operational Creditor, filed a petition that was admitted on 15.07.2019, initiating CIRP against the Corporate Debtor. The RP published notices in newspapers, but no other claims were received. Further applications were filed seeking cooperation from the suspended Directors of the Corporate Debtor under Section 19(2) of the Insolvency & Bankruptcy Code, 2016. A settlement has been reached between the Operational Creditor and the Corporate Debtor. The lack of cooperation from the suspended Board of Directors is hindering the resolution process.

An application was filed under Section 12A read with Section 60(5) of the Insolvency & Bankruptcy Code, 2016. M/s.Fairmacs Shipping and Transport Services Pvt. Ltd., in the capacity of an Operational Creditor, filed a petition that was admitted on 15.07.2019, initiating CIRP against the Corporate Debtor. The RP published notices in newspapers, but no other claims were received. Further applications were filed seeking cooperation from the suspended Directors of the Corporate Debtor under Section 19(2) of the Insolvency & Bankruptcy Code, 2016. A settlement has been reached between the Operational Creditor and the Corporate Debtor. The lack of cooperation from the suspended Board of Directors is hindering the resolution process.