The application IA/831(AHM)2021 was filed by the Resolution Professional (RP) under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, seeking withdrawal of the main Corporate Insolvency Resolution Process (CIRP). The Committee of Creditors (CoC) approved the withdrawal in its meeting held on October 26, 2021, with 100% votes. The Hon'ble NCLAT in Company Appeal (AT) (Ins) No. 362 of 2021 vide order dated September 20, 2021, observed that the Corporate Debtor and Operational Creditor had settled the dispute and informed the CoC, which then directed the IRP to file the application for withdrawal of CIRP.
The Corporate Debtor and Operational Creditor settled their dispute, leading the CoC to direct the IRP to file an application for withdrawal of the CIRP. The CoC approved the withdrawal with 100% votes in a meeting held on October 26, 2021. The RP filed IA/831(AHM)2021 under Section 12A of the IBC for withdrawal of the main CP. The NCLAT had previously observed the settlement between the parties in Company Appeal (AT) (Ins) No. 362 of 2021. The NCLT then allowed the withdrawal of the main CP and related applications.
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The CoC approved the…
The Hon'ble NCLAT in Company Appeal (AT)…
The application IA/831(AHM)2021 was filed by the Resolution Professional (RP) under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, seeking withdrawal of the main Corporate Insolvency Resolution Process (CIRP). The Committee of Creditors (CoC) approved the withdrawal in its meeting held on October 26, 2021, with 100% votes. The Hon'ble NCLAT in Company Appeal (AT) (Ins) No. 362 of 2021 vide order dated September 20, 2021, observed that the Corporate Debtor and Operational Creditor had settled the dispute and informed the CoC, which then directed the IRP to file the application for withdrawal of CIRP.
The Corporate Debtor and Operational Creditor settled their dispute, leading the CoC to direct the IRP to file an application for withdrawal of the CIRP. The CoC approved the withdrawal with 100% votes in a meeting held on October 26, 2021. The RP filed IA/831(AHM)2021 under Section 12A of the IBC for withdrawal of the main CP. The NCLAT had previously observed the settlement between the parties in Company Appeal (AT) (Ins) No. 362 of 2021. The NCLT then allowed the withdrawal of the main CP and related applications.
The CoC approved the…
The Hon'ble NCLAT in Company Appeal (AT)…