The case involves a petition (CA 713/2019) filed by the Operational Creditor seeking termination of the Corporate Insolvency Resolution Process (CIRP). The petition was filed after an order dated 17.05.2019 admitted the CIRP, and Mr. Kanti Mohan Rastogi was appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (COC) has not yet been constituted. The applicant's counsel relied on a Supreme Court decision in 'Swiss Ribbons Pvt. Ltd. & Anr. Vs. Union of India & Ors.', W.P.(C) 99/2018'. The petitioner sought termination of the CIRP because their claims had been settled in full.
The Operational Creditor filed CA 713/2019 seeking termination of the CIRP. An order dated 2019-05-17 had previously admitted the CIRP, appointing Mr. Kanti Mohan Rastogi as IRP. The COC had not yet been constituted. The applicant's counsel cited the 'Swiss Ribbons' case. The petitioner claimed their dues were fully settled. The IRP confirmed that the COC had not been constituted. Bills of Rs. 20,733/- were tendered. The court quantified professional fees and expenses at Rs. 55,000/- to be reimbursed to the IRP within 2 days. The relevance of the COC not being constituted is that it allows for easier termination of CIRP if the creditors haven't formed a committee to oversee the process.
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Order admitting the Corporate Insolvency…
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The case involves a petition (CA 713/2019) filed by the Operational Creditor seeking termination of the Corporate Insolvency Resolution Process (CIRP). The petition was filed after an order dated 17.05.2019 admitted the CIRP, and Mr. Kanti Mohan Rastogi was appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (COC) has not yet been constituted. The applicant's counsel relied on a Supreme Court decision in 'Swiss Ribbons Pvt. Ltd. & Anr. Vs. Union of India & Ors.', W.P.(C) 99/2018'. The petitioner sought termination of the CIRP because their claims had been settled in full.
The Operational Creditor filed CA 713/2019 seeking termination of the CIRP. An order dated 2019-05-17 had previously admitted the CIRP, appointing Mr. Kanti Mohan Rastogi as IRP. The COC had not yet been constituted. The applicant's counsel cited the 'Swiss Ribbons' case. The petitioner claimed their dues were fully settled. The IRP confirmed that the COC had not been constituted. Bills of Rs. 20,733/- were tendered. The court quantified professional fees and expenses at Rs. 55,000/- to be reimbursed to the IRP within 2 days. The relevance of the COC not being constituted is that it allows for easier termination of CIRP if the creditors haven't formed a committee to oversee the process.
Order admitting the Corporate Insolvency…
Hearing before the New Delhi Bench of the…
Sign in to view related legal provisions.