The case involves an application (IA No. 226 of 2021) filed by the Interim Resolution Professional (IRP) for the withdrawal of the Corporate Insolvency Resolution Process (CIRP) under Section 12A of the Insolvency and Bankruptcy Code (IBC). The parties involved appear to have settled the dispute by sanctioning a One-Time Settlement (OTS). The Committee of Creditors (CoC) has not yet been formed.
Indiabulls Consumer Finance Ltd initiated a Corporate Insolvency Resolution Process (CIRP) against Kimaya Industries Pvt Ltd. The Interim Resolution Professional (IRP) filed IA No. 226 of 2021 seeking withdrawal of the CIRP under Section 12A of the Insolvency and Bankruptcy Code, 2016. The IRP and the counsel for the Corporate Debtor appeared before the court. The court noted that the parties had settled the dispute by sanctioning a One-Time Settlement (OTS). No one objected to the withdrawal application, and the Committee of Creditors (CoC) had not yet been formed. The application was filed under Section 12A of the IBC, indicating a settlement between the parties after the initiation of CIRP but before the constitution of the CoC. The court allowed the application,
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The order was issued on this date, allowing the…
The case involves an application (IA No. 226 of 2021) filed by the Interim Resolution Professional (IRP) for the withdrawal of the Corporate Insolvency Resolution Process (CIRP) under Section 12A of the Insolvency and Bankruptcy Code (IBC). The parties involved appear to have settled the dispute by sanctioning a One-Time Settlement (OTS). The Committee of Creditors (CoC) has not yet been formed.
Indiabulls Consumer Finance Ltd initiated a Corporate Insolvency Resolution Process (CIRP) against Kimaya Industries Pvt Ltd. The Interim Resolution Professional (IRP) filed IA No. 226 of 2021 seeking withdrawal of the CIRP under Section 12A of the Insolvency and Bankruptcy Code, 2016. The IRP and the counsel for the Corporate Debtor appeared before the court. The court noted that the parties had settled the dispute by sanctioning a One-Time Settlement (OTS). No one objected to the withdrawal application, and the Committee of Creditors (CoC) had not yet been formed. The application was filed under Section 12A of the IBC, indicating a settlement between the parties after the initiation of CIRP but before the constitution of the CoC. The court allowed the application,
…The order was issued on this date, allowing the…