The case involves SRLK Enterprises LLP initiating a Corporate Insolvency Resolution Process (CIRP) against Jalan Transolution (India) Ltd. An application was filed under Section 7 of the IBC, 2016. During the proceedings, a compromise was reached between the parties before the constitution of the Committee of Creditors (COC). The IRP was duly informed of this compromise. The applicant's counsel requested the termination of the CIRP.
SRLK Enterprises LLP initiated CIRP against Jalan Transolution (India) Ltd. under Section 7 of the IBC, 2016. Before the Committee of Creditors (COC) was formed, the parties reached a compromise. The IRP was informed about this compromise. The applicant's counsel requested the termination of the CIRP. The court considered the Supreme Court's decision in 'Swiss Ribbons Pvt. Ltd. & Anr. Vs. Union of India & Ors.', W.P.(C) 99/2018. A settlement was reached on April 20, 2019, and communicated to the IRP. The COC was constituted on April 24, 2019. The Corporate Debtor is to liquidate the expenses incurred in the CIR process as per bills submitted by IRP.
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Settlement was arrived…
The Committ…
The case involves SRLK Enterprises LLP initiating a Corporate Insolvency Resolution Process (CIRP) against Jalan Transolution (India) Ltd. An application was filed under Section 7 of the IBC, 2016. During the proceedings, a compromise was reached between the parties before the constitution of the Committee of Creditors (COC). The IRP was duly informed of this compromise. The applicant's counsel requested the termination of the CIRP.
SRLK Enterprises LLP initiated CIRP against Jalan Transolution (India) Ltd. under Section 7 of the IBC, 2016. Before the Committee of Creditors (COC) was formed, the parties reached a compromise. The IRP was informed about this compromise. The applicant's counsel requested the termination of the CIRP. The court considered the Supreme Court's decision in 'Swiss Ribbons Pvt. Ltd. & Anr. Vs. Union of India & Ors.', W.P.(C) 99/2018. A settlement was reached on April 20, 2019, and communicated to the IRP. The COC was constituted on April 24, 2019. The Corporate Debtor is to liquidate the expenses incurred in the CIR process as per bills submitted by IRP.
Settlement was arrived…
The Committ…