The application was filed for withdrawal of CP No. IB-2932/ND/2019 based on a settlement reached between the parties on July 14, 2020. The Operational Creditor's counsel stated that the matter was settled before the Committee of Creditors (CoC) was formed, and there are no other claimants besides the Operational Creditor, who has already settled with the Corporate Debtor. The IRP, Mr. Soughat Sinha, also confirmed the settlement and had no objection to the withdrawal. The CoC was technically not formed yet, as only the Operational Creditor was a member.
Trends Remedies Pvt Ltd filed an application against Lexus India Ltd under Section 9 of the IBC Code, 2016. The parties reached a settlement on July 14, 2020. The Operational Creditor, Trends Remedies Pvt Ltd, settled the matter with the Corporate Debtor, Lexus India Ltd, before the constitution of the Committee of Creditors (CoC). The IRP, Mr. Soughat Sinha, confirmed the settlement and had no objection to the withdrawal of the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor was the only member of the CoC, and technically, the CoC was not fully formed. The petitioner sought to withdraw the CP No. IB-2932/ND/2019.
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The application was filed for withdrawal of CP No. IB-2932/ND/2019 based on a settlement reached between the parties on July 14, 2020. The Operational Creditor's counsel stated that the matter was settled before the Committee of Creditors (CoC) was formed, and there are no other claimants besides the Operational Creditor, who has already settled with the Corporate Debtor. The IRP, Mr. Soughat Sinha, also confirmed the settlement and had no objection to the withdrawal. The CoC was technically not formed yet, as only the Operational Creditor was a member.
Trends Remedies Pvt Ltd filed an application against Lexus India Ltd under Section 9 of the IBC Code, 2016. The parties reached a settlement on July 14, 2020. The Operational Creditor, Trends Remedies Pvt Ltd, settled the matter with the Corporate Debtor, Lexus India Ltd, before the constitution of the Committee of Creditors (CoC). The IRP, Mr. Soughat Sinha, confirmed the settlement and had no objection to the withdrawal of the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor was the only member of the CoC, and technically, the CoC was not fully formed. The petitioner sought to withdraw the CP No. IB-2932/ND/2019.
Settlement a…
Order delive…