The case involves Sudarshan Paper & Board Pvt. Ltd. versus Kalika Press Pvt. Ltd. It concerns an application filed under the Insolvency and Bankruptcy Code (IBC). The Interim Resolution Professional (IRP) filed CA(IB) No. 32/KB/2019 under Section 12A of the IBC, citing a settlement of claim due to the Operational Creditor from the Corporate Debtor.
Sudarshan Paper & Board Pvt. Ltd. initiated insolvency proceedings against Kalika Press Pvt. Ltd. The Interim Resolution Professional (IRP) filed an application (CA(IB) No. 32/KB/2019) under Section 12A of the Insolvency and Bankruptcy Code (IBC) for withdrawal of the Corporate Insolvency Resolution Process (CIRP). The reason for the withdrawal was the settlement of the claim of the Operational Creditor by the Corporate Debtor. The Operational Creditor's claim was repaid via a post-dated cheque. The IRP submitted the withdrawal application to the Committee of Creditors (CoC), which approved it with a 100% vote share. The resolution costs and IRP fees were discharged by the Operational Creditor. This settlement and subsequent approval by the CoC formed the basis for
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Hearing held on…
The case involves Sudarshan Paper & Board Pvt. Ltd. versus Kalika Press Pvt. Ltd. It concerns an application filed under the Insolvency and Bankruptcy Code (IBC). The Interim Resolution Professional (IRP) filed CA(IB) No. 32/KB/2019 under Section 12A of the IBC, citing a settlement of claim due to the Operational Creditor from the Corporate Debtor.
Sudarshan Paper & Board Pvt. Ltd. initiated insolvency proceedings against Kalika Press Pvt. Ltd. The Interim Resolution Professional (IRP) filed an application (CA(IB) No. 32/KB/2019) under Section 12A of the Insolvency and Bankruptcy Code (IBC) for withdrawal of the Corporate Insolvency Resolution Process (CIRP). The reason for the withdrawal was the settlement of the claim of the Operational Creditor by the Corporate Debtor. The Operational Creditor's claim was repaid via a post-dated cheque. The IRP submitted the withdrawal application to the Committee of Creditors (CoC), which approved it with a 100% vote share. The resolution costs and IRP fees were discharged by the Operational Creditor. This settlement and subsequent approval by the CoC formed the basis for
…Hearing held on…