The Interlocutory Application (IA No. 1117 of 2020) was filed in CP(IB) No. 291/9/HDB/2019 by the Resolution Professional under Section 12A of the Insolvency & Bankruptcy Code, 2016, read with Rule 13 of the NCLT Rules, 2016. The application sought permission to withdraw the Corporate Insolvency Resolution Process (CIRP) against M/s Sri Vatsa Hotels Limited (Panoramic Universal Limited), the Corporate Debtor. The Tribunal had previously admitted a Company Petition under Section 9 of the IBC, 2016, filed by M/s Sanitech Engineers & Consultants Pvt. Ltd. (Operational Creditor) against the Corporate Debtor, initiating CIRP and appointing an Interim Resolution Professional (IRP), later confirmed as Resolution Professional. After the admission of the petition, the
…M/s Sanitech Engineers & Consultants Pvt. Ltd. (Operational Creditor) filed a Company Petition under Section 9 of the Insolvency & Bankruptcy Code, 2016, against M/s Sri Vatsa Hotels Limited (Panoramic Universal Limited)/Corporate Debtor. The Tribunal admitted the petition on 2019-09-30, initiating the Corporate Insolvency Resolution Process (CIRP) and appointing an Interim Resolution Professional (IRP), later confirmed as Resolution Professional. The IRP issued a public announcement on 2019-10-02, inviting claims from creditors and received only one claim from the Operational Creditor. The Corporate Debtor filed an appeal before the NCLAT, which set aside the Tribunal's order, contingent upon the terms of a settlement agreement. The Corporate Debtor defaulted
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The Tribunal admitted the Company Petition…
The IRP issued a public…
The Interlocutory Application (IA No. 1117 of 2020) was filed in CP(IB) No. 291/9/HDB/2019 by the Resolution Professional under Section 12A of the Insolvency & Bankruptcy Code, 2016, read with Rule 13 of the NCLT Rules, 2016. The application sought permission to withdraw the Corporate Insolvency Resolution Process (CIRP) against M/s Sri Vatsa Hotels Limited (Panoramic Universal Limited), the Corporate Debtor. The Tribunal had previously admitted a Company Petition under Section 9 of the IBC, 2016, filed by M/s Sanitech Engineers & Consultants Pvt. Ltd. (Operational Creditor) against the Corporate Debtor, initiating CIRP and appointing an Interim Resolution Professional (IRP), later confirmed as Resolution Professional. After the admission of the petition, the
…M/s Sanitech Engineers & Consultants Pvt. Ltd. (Operational Creditor) filed a Company Petition under Section 9 of the Insolvency & Bankruptcy Code, 2016, against M/s Sri Vatsa Hotels Limited (Panoramic Universal Limited)/Corporate Debtor. The Tribunal admitted the petition on 2019-09-30, initiating the Corporate Insolvency Resolution Process (CIRP) and appointing an Interim Resolution Professional (IRP), later confirmed as Resolution Professional. The IRP issued a public announcement on 2019-10-02, inviting claims from creditors and received only one claim from the Operational Creditor. The Corporate Debtor filed an appeal before the NCLAT, which set aside the Tribunal's order, contingent upon the terms of a settlement agreement. The Corporate Debtor defaulted
…The Tribunal admitted the Company Petition…
The IRP issued a public…