The case pertains to an application (IA No.372/2021) filed by the operational creditor, Ludhiana Scrips Pvt. Ltd., under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to withdraw the Corporate Insolvency Resolution Process (CIRP) initiated against the corporate debtor, K.C. Land & Finance Ltd., in CP(IB) No.332/Chd/Pb/2018. The CIRP proceedings were initiated and admitted on 27.07.2021.
Ludhiana Scrips Pvt. Ltd., the operational creditor, initiated CIRP against K.C. Land & Finance Ltd., the corporate debtor, under CP(IB) No.332/Chd/Pb/2018. The CIRP was admitted on 27.07.2021. Subsequently, the operational creditor and the corporate debtor reached a settlement. As per the requirements of IBC, 2016, a bank guarantee of Rs.2,00,000/- was provided towards IRP fees, CIRP costs, and expenses. The operational creditor then filed IA No.372/2021 under Section 12A of IBC, 2016, seeking to withdraw the CIRP proceedings based on the settlement. The IRP, Mr. Rajesh Loomba, confirmed the settlement and the bank guarantee. The settlement deed was dated 27.07.2021, Annexure A-4 of the application.
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CP No.332/Chd/Pb/2018 was admitted by the…
The operational…
The case pertains to an application (IA No.372/2021) filed by the operational creditor, Ludhiana Scrips Pvt. Ltd., under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to withdraw the Corporate Insolvency Resolution Process (CIRP) initiated against the corporate debtor, K.C. Land & Finance Ltd., in CP(IB) No.332/Chd/Pb/2018. The CIRP proceedings were initiated and admitted on 27.07.2021.
Ludhiana Scrips Pvt. Ltd., the operational creditor, initiated CIRP against K.C. Land & Finance Ltd., the corporate debtor, under CP(IB) No.332/Chd/Pb/2018. The CIRP was admitted on 27.07.2021. Subsequently, the operational creditor and the corporate debtor reached a settlement. As per the requirements of IBC, 2016, a bank guarantee of Rs.2,00,000/- was provided towards IRP fees, CIRP costs, and expenses. The operational creditor then filed IA No.372/2021 under Section 12A of IBC, 2016, seeking to withdraw the CIRP proceedings based on the settlement. The IRP, Mr. Rajesh Loomba, confirmed the settlement and the bank guarantee. The settlement deed was dated 27.07.2021, Annexure A-4 of the application.
CP No.332/Chd/Pb/2018 was admitted by the…
The operational…