The case involves an application for withdrawal of an Insolvency and Bankruptcy (IB) Petition, specifically CP (IB) No.39 of 2018, and for recalling the Corporate Insolvency Resolution Process (CIRP) initiated by the National Company Law Tribunal (NCLT), Ahmedabad Bench. The initial order, dated 2019-01-16, had admitted the petition, declared a moratorium on the Corporate Debtor, Jason Decor Pvt. Ltd., and appointed an Interim Resolution Professional (IRP).
Windson Chemicals Pvt Ltd initiated Corporate Insolvency Resolution Process (CIRP) against Jason Decor Pvt Ltd. The NCLT admitted the petition on 2019-01-16, declared a moratorium, and appointed an Interim Resolution Professional (IRP). Subsequently, Windson Chemicals Pvt Ltd and Jason Decor Pvt Ltd reached a settlement for Rs. 35,00,000. Windson Chemicals Pvt Ltd then filed an application to withdraw the IB Petition before the Committee of Creditors (CoC) was constituted. The IRP opposed the withdrawal, stating that a CoC meeting was scheduled. The CoC had a sole member, Indian Overseas Bank (IOB). The application for settlement was filed on 2019-02-04. The IRP appeared before the bench on 2019-02-18. The CoC meeting was proposed for 2019-02-19. The applicant relied
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The case was f…
NCLT admitted the IB Petition, declared a…
The case involves an application for withdrawal of an Insolvency and Bankruptcy (IB) Petition, specifically CP (IB) No.39 of 2018, and for recalling the Corporate Insolvency Resolution Process (CIRP) initiated by the National Company Law Tribunal (NCLT), Ahmedabad Bench. The initial order, dated 2019-01-16, had admitted the petition, declared a moratorium on the Corporate Debtor, Jason Decor Pvt. Ltd., and appointed an Interim Resolution Professional (IRP).
Windson Chemicals Pvt Ltd initiated Corporate Insolvency Resolution Process (CIRP) against Jason Decor Pvt Ltd. The NCLT admitted the petition on 2019-01-16, declared a moratorium, and appointed an Interim Resolution Professional (IRP). Subsequently, Windson Chemicals Pvt Ltd and Jason Decor Pvt Ltd reached a settlement for Rs. 35,00,000. Windson Chemicals Pvt Ltd then filed an application to withdraw the IB Petition before the Committee of Creditors (CoC) was constituted. The IRP opposed the withdrawal, stating that a CoC meeting was scheduled. The CoC had a sole member, Indian Overseas Bank (IOB). The application for settlement was filed on 2019-02-04. The IRP appeared before the bench on 2019-02-18. The CoC meeting was proposed for 2019-02-19. The applicant relied
…The case was f…
NCLT admitted the IB Petition, declared a…