The case involves an application filed by the Interim Resolution Professional (IRP) to withdraw a Company Petition No. (IB)-1724 (PB)/2019 under Regulation 30-A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The application was filed due to a settlement between the management of the Corporate Debtor and the Financial Creditor before the constitution of the Committee of Creditors (CoC). The financial creditor, M/s Khanna Jewellers Private Limited, had initially filed an application under Section 7 of the Code, which was admitted against the corporate debtor, M/s Lifetime Infotech Private Limited. The IRP was appointed following the admission order dated 25.09.2019. Subsequently, the financial
…M/s Khanna Jewellers Private Limited, the financial creditor, initiated a Corporate Insolvency Resolution Process (CIRP) against M/s Lifetime Infotech Private Limited, the corporate debtor, by filing an application under Section 7 of the Insolvency and Bankruptcy Code (IBC). The application was admitted, and an Interim Resolution Professional (IRP) was appointed on 2019-09-25. Subsequently, before the constitution of the Committee of Creditors (CoC), the financial creditor and the corporate debtor entered into a share purchase agreement and executed a Memorandum of Understanding (MOU) on 2019-09-23, settling the claim. The financial creditor then filed an application in Form-FA under regulation 30 A (2) for withdrawal of the CIRP, attaching a bank guarantee. The IRP
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The petitioner financial creditor and the…
The application under Section 7 of the Code…
The case involves an application filed by the Interim Resolution Professional (IRP) to withdraw a Company Petition No. (IB)-1724 (PB)/2019 under Regulation 30-A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The application was filed due to a settlement between the management of the Corporate Debtor and the Financial Creditor before the constitution of the Committee of Creditors (CoC). The financial creditor, M/s Khanna Jewellers Private Limited, had initially filed an application under Section 7 of the Code, which was admitted against the corporate debtor, M/s Lifetime Infotech Private Limited. The IRP was appointed following the admission order dated 25.09.2019. Subsequently, the financial
…M/s Khanna Jewellers Private Limited, the financial creditor, initiated a Corporate Insolvency Resolution Process (CIRP) against M/s Lifetime Infotech Private Limited, the corporate debtor, by filing an application under Section 7 of the Insolvency and Bankruptcy Code (IBC). The application was admitted, and an Interim Resolution Professional (IRP) was appointed on 2019-09-25. Subsequently, before the constitution of the Committee of Creditors (CoC), the financial creditor and the corporate debtor entered into a share purchase agreement and executed a Memorandum of Understanding (MOU) on 2019-09-23, settling the claim. The financial creditor then filed an application in Form-FA under regulation 30 A (2) for withdrawal of the CIRP, attaching a bank guarantee. The IRP
…The petitioner financial creditor and the…
The application under Section 7 of the Code…