The case involves an application (CA No. 160/2018) filed by the Resolution Professional (RP) under Section 12(a) of the Insolvency & Bankruptcy Code, read with Regulation 30(a), for the withdrawal of the main application filed under Section 9 by the applicant, Simran Kaur, against the Corporate Debtor, International Traceability Systems. The application is supported by the minutes of the 1st Committee of Creditors (COC) Meeting held on November 5, 2018, where Item No. 6 of the Agenda was the approval to withdraw the present application.
Simran Kaur, the applicant, filed an application under Section 9 of the IBC Code, 2016, against International Traceability Systems. The Resolution Professional (RP) subsequently filed CA No. 160/2018 under Section 12(a) of the Insolvency & Bankruptcy Code, seeking withdrawal of the Section 9 application. This withdrawal application was supported by the Committee of Creditors (COC), which approved the withdrawal with a 99.76% voting majority during its meeting held on November 5, 2018. The RP admitted a delay of 20 days in filing the withdrawal application and requested condonation of the delay. The NCLT considered the COC's approval and the RP's request.
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The 1st Committee of Creditors (COC) Meeting was…
The order was delivered allowing the…
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The case involves an application (CA No. 160/2018) filed by the Resolution Professional (RP) under Section 12(a) of the Insolvency & Bankruptcy Code, read with Regulation 30(a), for the withdrawal of the main application filed under Section 9 by the applicant, Simran Kaur, against the Corporate Debtor, International Traceability Systems. The application is supported by the minutes of the 1st Committee of Creditors (COC) Meeting held on November 5, 2018, where Item No. 6 of the Agenda was the approval to withdraw the present application.
Simran Kaur, the applicant, filed an application under Section 9 of the IBC Code, 2016, against International Traceability Systems. The Resolution Professional (RP) subsequently filed CA No. 160/2018 under Section 12(a) of the Insolvency & Bankruptcy Code, seeking withdrawal of the Section 9 application. This withdrawal application was supported by the Committee of Creditors (COC), which approved the withdrawal with a 99.76% voting majority during its meeting held on November 5, 2018. The RP admitted a delay of 20 days in filing the withdrawal application and requested condonation of the delay. The NCLT considered the COC's approval and the RP's request.
The 1st Committee of Creditors (COC) Meeting was…
The order was delivered allowing the…
Sign in to view related legal provisions.