Kwality Industries (Bhopal) Limited initiated Corporate Insolvency Resolution Process (CIRP) against Lifespan Biotech Pvt. Ltd. The CIRP was admitted by the NCLT, Indore Bench at Ahmedabad. Subsequently, a settlement was reached between the Corporate Debtor and its Financial Creditors. The Committee of Creditors (CoC) approved the settlement with a requisite majority and recommended recalling the CIRP. The Resolution Professional (RP) filed an Interlocutory Application (IA 35 of 2020) under Section 12A of the Insolvency and Bankruptcy Code, 2016, seeking withdrawal of the CIRP.
Kwality Industries (Bhopal) Limited, an operational creditor, initiated CIRP against Lifespan Biotech Pvt. Ltd. The CIRP was admitted on May 2, 2019. Subsequently, a settlement was reached between Lifespan Biotech and its financial creditors. The Committee of Creditors (CoC) approved the settlement with a 90.71% majority. The Resolution Professional (RP) filed IA 35 of 2020 seeking withdrawal of the CIRP under Section 12A of the Insolvency and Bankruptcy Code, 2016. The RP stated that the Corporate Debtor had settled dues with most creditors, and the CoC had approved the withdrawal. The RP also stated that the cost of CIRP was Rs. 12,73,696/-, which the applicant-operational creditor was ready to pay. The suspended management of Lifespan Biotech filed a reply affidavit
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CIRP initiated against…
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Kwality Industries (Bhopal) Limited initiated Corporate Insolvency Resolution Process (CIRP) against Lifespan Biotech Pvt. Ltd. The CIRP was admitted by the NCLT, Indore Bench at Ahmedabad. Subsequently, a settlement was reached between the Corporate Debtor and its Financial Creditors. The Committee of Creditors (CoC) approved the settlement with a requisite majority and recommended recalling the CIRP. The Resolution Professional (RP) filed an Interlocutory Application (IA 35 of 2020) under Section 12A of the Insolvency and Bankruptcy Code, 2016, seeking withdrawal of the CIRP.
Kwality Industries (Bhopal) Limited, an operational creditor, initiated CIRP against Lifespan Biotech Pvt. Ltd. The CIRP was admitted on May 2, 2019. Subsequently, a settlement was reached between Lifespan Biotech and its financial creditors. The Committee of Creditors (CoC) approved the settlement with a 90.71% majority. The Resolution Professional (RP) filed IA 35 of 2020 seeking withdrawal of the CIRP under Section 12A of the Insolvency and Bankruptcy Code, 2016. The RP stated that the Corporate Debtor had settled dues with most creditors, and the CoC had approved the withdrawal. The RP also stated that the cost of CIRP was Rs. 12,73,696/-, which the applicant-operational creditor was ready to pay. The suspended management of Lifespan Biotech filed a reply affidavit
…CIRP initiated against…
Meeting of the creditors of the Corporate Debtor…