The case involves an Interlocutory Application (IA 35 of 2020) filed in TP 73 of 2019 [CP(IB) 317 of 2018] under Section 12A of the Insolvency and Bankruptcy Code, 2016, seeking withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against M/s. Lifespan Biotech Pvt. Ltd. The CIRP was initiated based on a petition by Kwality Industries (Bhopal) Limited. The Resolution Professional (RP) filed the application after a settlement was reached between the Corporate Debtor and the Financial Creditors. The Committee of Creditors (CoC) approved the settlement with the requisite majority and recommended recalling the CIRP.
Kwality Industries (Bhopal) Limited initiated Corporate Insolvency Resolution Process (CIRP) against Lifespan Biotech Pvt. Ltd. The CIRP was admitted, and a Resolution Professional (RP) was appointed. 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 RP then filed an application under Section 12A of the Insolvency and Bankruptcy Code, 2016, seeking withdrawal of the CIRP. The Financial Creditors, including Bank of India, Bank of Maharashtra, and SIDBI, agreed to a One Time Settlement (OTS). Corporation Bank did not agree to the OTS, but its voting percentage was less than 10%. Lifespan Biotech made payments to its other creditors, including
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Tribunal passed an…
Committee of Creditors (CoC) held its eighth…
The case involves an Interlocutory Application (IA 35 of 2020) filed in TP 73 of 2019 [CP(IB) 317 of 2018] under Section 12A of the Insolvency and Bankruptcy Code, 2016, seeking withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against M/s. Lifespan Biotech Pvt. Ltd. The CIRP was initiated based on a petition by Kwality Industries (Bhopal) Limited. The Resolution Professional (RP) filed the application after a settlement was reached between the Corporate Debtor and the Financial Creditors. The Committee of Creditors (CoC) approved the settlement with the requisite majority and recommended recalling the CIRP.
Kwality Industries (Bhopal) Limited initiated Corporate Insolvency Resolution Process (CIRP) against Lifespan Biotech Pvt. Ltd. The CIRP was admitted, and a Resolution Professional (RP) was appointed. 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 RP then filed an application under Section 12A of the Insolvency and Bankruptcy Code, 2016, seeking withdrawal of the CIRP. The Financial Creditors, including Bank of India, Bank of Maharashtra, and SIDBI, agreed to a One Time Settlement (OTS). Corporation Bank did not agree to the OTS, but its voting percentage was less than 10%. Lifespan Biotech made payments to its other creditors, including
…Tribunal passed an…
Committee of Creditors (CoC) held its eighth…