The case involves a Corporate Insolvency Resolution Process (CIRP) initiated against a Corporate Debtor Company. An order for admission of the petition was previously passed on 2019-05-30. However, a settlement was reached between the parties, with the Operational Creditor/petitioner receiving Rs. 7,77,414/- from the Corporate Debtor Company. The Committee of Creditors (COC) had not yet been constituted. The Interim Resolution Professional (IRP) expressed inability to accept the assignment.
Yug International Pvt. Ltd. initiated a Corporate Insolvency Resolution Process (CIRP) against Aim Laminar Pvt. Ltd. under CP(IB) No. 442/NCLT/AHM/2018. The NCLT Ahmedabad Bench had already admitted the petition on 2019-05-30. Subsequently, Yug International Pvt. Ltd. and Aim Laminar Pvt. Ltd. reached a settlement where Aim Laminar Pvt. Ltd. paid Rs. 7,77,414/- to Yug International Pvt. Ltd. The Committee of Creditors (COC) had not yet been constituted, and the Interim Resolution Professional (IRP), Shri Savan Godiawala, expressed his inability to continue with the assignment. Yug International Pvt. Ltd. then filed a pursis seeking withdrawal of the CIRP, which the NCLT considered based on the settlement and the legal position that the COC was not yet formed. The
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The case involves a Corporate Insolvency Resolution Process (CIRP) initiated against a Corporate Debtor Company. An order for admission of the petition was previously passed on 2019-05-30. However, a settlement was reached between the parties, with the Operational Creditor/petitioner receiving Rs. 7,77,414/- from the Corporate Debtor Company. The Committee of Creditors (COC) had not yet been constituted. The Interim Resolution Professional (IRP) expressed inability to accept the assignment.
Yug International Pvt. Ltd. initiated a Corporate Insolvency Resolution Process (CIRP) against Aim Laminar Pvt. Ltd. under CP(IB) No. 442/NCLT/AHM/2018. The NCLT Ahmedabad Bench had already admitted the petition on 2019-05-30. Subsequently, Yug International Pvt. Ltd. and Aim Laminar Pvt. Ltd. reached a settlement where Aim Laminar Pvt. Ltd. paid Rs. 7,77,414/- to Yug International Pvt. Ltd. The Committee of Creditors (COC) had not yet been constituted, and the Interim Resolution Professional (IRP), Shri Savan Godiawala, expressed his inability to continue with the assignment. Yug International Pvt. Ltd. then filed a pursis seeking withdrawal of the CIRP, which the NCLT considered based on the settlement and the legal position that the COC was not yet formed. The
…C.P. (I.B…
The Hon'ble Supreme Court decided the matter…
Sign in to view related legal provisions.