The case involves a Corporate Insolvency Resolution Process (CIRP) initiated against a Corporate Debtor Company. An order for admission of the petition was already passed on 2019-05-30. However, a settlement was reached between the parties, and the Operational Creditor/petitioner received a sum of Rs. 7,77,414/- from the Corporate Debtor Company towards its claim/debts.
Yug International Pvt. Ltd. filed a petition against Aim Laminar Pvt. Ltd. under the Companies Act, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The petition was admitted on 2019-05-30. Subsequently, a settlement was reached between Yug International Pvt. Ltd. and Aim Laminar Pvt. Ltd., with Aim Laminar Pvt. Ltd. paying Rs. 7,77,414/- to Yug International Pvt. Ltd. The Committee of Creditors (COC) had not yet been constituted. The Interim Resolution Professional (IRP), Shri Savan Godiawala, expressed his inability to accept the assignment. Yug International Pvt. Ltd. then filed a pursis for withdrawal of the petition based on the settlement.
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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 already passed on 2019-05-30. However, a settlement was reached between the parties, and the Operational Creditor/petitioner received a sum of Rs. 7,77,414/- from the Corporate Debtor Company towards its claim/debts.
Yug International Pvt. Ltd. filed a petition against Aim Laminar Pvt. Ltd. under the Companies Act, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The petition was admitted on 2019-05-30. Subsequently, a settlement was reached between Yug International Pvt. Ltd. and Aim Laminar Pvt. Ltd., with Aim Laminar Pvt. Ltd. paying Rs. 7,77,414/- to Yug International Pvt. Ltd. The Committee of Creditors (COC) had not yet been constituted. The Interim Resolution Professional (IRP), Shri Savan Godiawala, expressed his inability to accept the assignment. Yug International Pvt. Ltd. then filed a pursis for withdrawal of the petition based on the settlement.
C.P. (I.B…
Reference to the Supreme Court decision in…
Sign in to view related legal provisions.