The application was filed by the Suspended Directors of the Corporate Debtor seeking direction against the CoC to hold a meeting to consider Form-FA filed by one of the CoC members, Corporation Bank (presently Union Bank of India), for withdrawal of the Company Petition. The Resolution Professional's counsel submitted that the CIRP period of 330 days had already expired on 2019-12-03, and the Resolution Plan was approved by the CoC and is pending for approval under Section 31 of the IBC, 2016.
The Suspended Directors of the Corporate Debtor filed an application seeking direction against the CoC to hold a meeting to consider Form-FA, which was filed by Corporation Bank (now Union Bank of India), a CoC member, for withdrawal of the Company Petition. The CIRP period of 330 days had expired on 2019-12-03, and the Resolution Plan was approved by the CoC, pending approval under Section 31 of the IBC. The Resolution Professional and CoC members, including Union Bank of India and Asset Reconstruction Company, holding 100% voting share, had no objection to considering the withdrawal under Section 12A of the Code. The Resolution Plan Applicant also had no objection to the withdrawal. This case highlights the CoC's power to consider withdrawal applications and the
…Sign in to view the parties.
CP(I&B)/1921/NCLT/MB/MAH…
CIRP period of…
The application was filed by the Suspended Directors of the Corporate Debtor seeking direction against the CoC to hold a meeting to consider Form-FA filed by one of the CoC members, Corporation Bank (presently Union Bank of India), for withdrawal of the Company Petition. The Resolution Professional's counsel submitted that the CIRP period of 330 days had already expired on 2019-12-03, and the Resolution Plan was approved by the CoC and is pending for approval under Section 31 of the IBC, 2016.
The Suspended Directors of the Corporate Debtor filed an application seeking direction against the CoC to hold a meeting to consider Form-FA, which was filed by Corporation Bank (now Union Bank of India), a CoC member, for withdrawal of the Company Petition. The CIRP period of 330 days had expired on 2019-12-03, and the Resolution Plan was approved by the CoC, pending approval under Section 31 of the IBC. The Resolution Professional and CoC members, including Union Bank of India and Asset Reconstruction Company, holding 100% voting share, had no objection to considering the withdrawal under Section 12A of the Code. The Resolution Plan Applicant also had no objection to the withdrawal. This case highlights the CoC's power to consider withdrawal applications and the
…CP(I&B)/1921/NCLT/MB/MAH…
CIRP period of…