The case involves an application for withdrawal of CP No. (IB)-626(PB)/2019, which was admitted on 24.09.2019. The basis for the withdrawal is that a settlement has been reached, and the applicant no longer wishes to pursue the Corporate Insolvency Resolution Process (CIRP). The Interim Resolution Professional (IRP) stated that no claims were received in response to a public notice, and all dues, including fees, have been settled. The IRP also confirmed that only one petition was filed against the corporate debtor, and the Committee of Creditors (CoC) has not yet been constituted.
Mrs. Ruby Kumari filed an application/petition against M/s. Krishna Assets Developers Pvt Ltd. under Section 7 of the Insolvency & Bankruptcy Code. The application, CP No. (IB)-626(PB)/2019, was admitted on 24.09.2019, and Mr. Akarsh Kashyap was appointed as the Interim Resolution Professional (IRP). Subsequently, an application was filed for the withdrawal of the CP No. (IB)-626(PB)/2019 based on a settlement between the parties. The IRP stated that no claims were received in response to a public notice, and all dues, including fees, have been settled. The Committee of Creditors (CoC) has not yet been constituted. The court considered the application for withdrawal based on the settlement and the principles laid down in the Swiss Ribbons case.
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CP No. (IB)-626(PB)/2019 was admitted, and…
The court delivered an order allowing the…
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The case involves an application for withdrawal of CP No. (IB)-626(PB)/2019, which was admitted on 24.09.2019. The basis for the withdrawal is that a settlement has been reached, and the applicant no longer wishes to pursue the Corporate Insolvency Resolution Process (CIRP). The Interim Resolution Professional (IRP) stated that no claims were received in response to a public notice, and all dues, including fees, have been settled. The IRP also confirmed that only one petition was filed against the corporate debtor, and the Committee of Creditors (CoC) has not yet been constituted.
Mrs. Ruby Kumari filed an application/petition against M/s. Krishna Assets Developers Pvt Ltd. under Section 7 of the Insolvency & Bankruptcy Code. The application, CP No. (IB)-626(PB)/2019, was admitted on 24.09.2019, and Mr. Akarsh Kashyap was appointed as the Interim Resolution Professional (IRP). Subsequently, an application was filed for the withdrawal of the CP No. (IB)-626(PB)/2019 based on a settlement between the parties. The IRP stated that no claims were received in response to a public notice, and all dues, including fees, have been settled. The Committee of Creditors (CoC) has not yet been constituted. The court considered the application for withdrawal based on the settlement and the principles laid down in the Swiss Ribbons case.
CP No. (IB)-626(PB)/2019 was admitted, and…
The court delivered an order allowing the…
Sign in to view related legal provisions.