The Corporate Insolvency Resolution Process (CIRP) was initiated against Maxout Infrastructures Pvt. Ltd. based on an application. An order was passed on February 1, 2019, initiating the CIRP. Subsequently, the parties reached a settlement around February 22, 2019, and decided to terminate the CIRP. The Interim Resolution Professional (IRP) had collated claims and filed a report, but the Committee of Creditors (CoC) had not yet been convened. The petitioner's counsel submitted that Rs. 2 lakhs had been reimbursed to the IRP for fees and expenses, even though the IRP had not submitted accounts. The operational creditor filed an application under Section 12A of the Insolvency and Bankruptcy Code (IBC) seeking termination of the CIRP.

The Corporate Insolvency Resolution Process (CIRP) was initiated against Maxout Infrastructures Pvt. Ltd. based on an application. An order was passed on February 1, 2019, initiating the CIRP. Subsequently, the parties reached a settlement around February 22, 2019, and decided to terminate the CIRP. The Interim Resolution Professional (IRP) had collated claims and filed a report, but the Committee of Creditors (CoC) had not yet been convened. The petitioner's counsel submitted that Rs. 2 lakhs had been reimbursed to the IRP for fees and expenses, even though the IRP had not submitted accounts. The operational creditor filed an application under Section 12A of the Insolvency and Bankruptcy Code (IBC) seeking termination of the CIRP.