The case involves an application filed by the Operational Creditor seeking withdrawal of a Company Petition under Section 12A of the Insolvency and Bankruptcy Code, 2016. The Applicant (Operational Creditor) had previously filed TCP (IB) No. 111/9/AMR/TP/2019 (CP (IB) No. 412/9/HDB/2019) against the Corporate Debtor under section 9 of the IBC, alleging default in payment of an Operational Debt. The Tribunal admitted the Petition on 2020-02-12 and directed initiation of Corporate Insolvency Resolution Process (CIRP) of the Respondent. Before the Interim Resolution Professional could take charge or the Committee of Creditors (CoC) could be constituted, the parties amicably settled the matter.
M/s Eshwar Enterprises, a sole proprietorship firm, filed TCP (IB) No. 111/9/AMR/TP/2019 (CP (IB) No. 412/9/HDB/2019) against M/s. KVR Industries Private Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016, alleging default in payment of an Operational Debt. The NCLT admitted the petition on 2020-02-12 and initiated the Corporate Insolvency Resolution Process (CIRP). However, before the Interim Resolution Professional (IRP) could take charge or the Committee of Creditors (CoC) could be constituted, the parties reached an amicable settlement. Consequently, the Operational Creditor sought to withdraw the Company Petition. The CIRP had not progressed, and the CoC had not been formed, making it appropriate to allow the parties to settle their disputes and
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The Applicant (OC) filed TCP (IB) No.…
The Tribunal admitted the Petition and…
The case involves an application filed by the Operational Creditor seeking withdrawal of a Company Petition under Section 12A of the Insolvency and Bankruptcy Code, 2016. The Applicant (Operational Creditor) had previously filed TCP (IB) No. 111/9/AMR/TP/2019 (CP (IB) No. 412/9/HDB/2019) against the Corporate Debtor under section 9 of the IBC, alleging default in payment of an Operational Debt. The Tribunal admitted the Petition on 2020-02-12 and directed initiation of Corporate Insolvency Resolution Process (CIRP) of the Respondent. Before the Interim Resolution Professional could take charge or the Committee of Creditors (CoC) could be constituted, the parties amicably settled the matter.
M/s Eshwar Enterprises, a sole proprietorship firm, filed TCP (IB) No. 111/9/AMR/TP/2019 (CP (IB) No. 412/9/HDB/2019) against M/s. KVR Industries Private Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016, alleging default in payment of an Operational Debt. The NCLT admitted the petition on 2020-02-12 and initiated the Corporate Insolvency Resolution Process (CIRP). However, before the Interim Resolution Professional (IRP) could take charge or the Committee of Creditors (CoC) could be constituted, the parties reached an amicable settlement. Consequently, the Operational Creditor sought to withdraw the Company Petition. The CIRP had not progressed, and the CoC had not been formed, making it appropriate to allow the parties to settle their disputes and
…The Applicant (OC) filed TCP (IB) No.…
The Tribunal admitted the Petition and…