IA No. 179/CTB/2019 was filed by the Operational Creditor seeking termination of the CIRP, which had commenced on 2019-12-02. The Operational Creditor and Corporate Debtor reached a settlement under a Memorandum of Settlement. The Operational Creditor had received a portion of the settlement amount and sought permission to withdraw the application. The IRP appointed by the Adjudicating Authority was not present, and it was submitted that no COC had been constituted. Reliance was placed on the decision of the Hon'ble Apex Court in 'Swiss Ribbons Pvt. Ltd. & Anr. Vs. Union of India & Ors.', W.P.(C) 99/2018.
The Operational Creditor, M/s Vikas Scaffolding Systems, initiated CIRP against the Corporate Debtor, Metro Builders Orissa Pvt. Ltd. The CIRP was initiated on 2019-12-02. Subsequently, the parties reached a settlement under a Memorandum of Settlement. The Operational Creditor received a portion of the settlement amount. The IRP appointed by the Adjudicating Authority was not present, and no COC had been constituted. The Operational Creditor then filed IA No. 179/CTB/2019 seeking termination of the CIRP. The Adjudicating Authority considered the settlement and the absence of a COC before allowing the withdrawal of the application and terminating the CIRP. The case references CP (IB) No. 103/CTB/2019 and IA No. 179/CTB/2019.
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CIRP was initiated…
Hearing held o…
IA No. 179/CTB/2019 was filed by the Operational Creditor seeking termination of the CIRP, which had commenced on 2019-12-02. The Operational Creditor and Corporate Debtor reached a settlement under a Memorandum of Settlement. The Operational Creditor had received a portion of the settlement amount and sought permission to withdraw the application. The IRP appointed by the Adjudicating Authority was not present, and it was submitted that no COC had been constituted. Reliance was placed on the decision of the Hon'ble Apex Court in 'Swiss Ribbons Pvt. Ltd. & Anr. Vs. Union of India & Ors.', W.P.(C) 99/2018.
The Operational Creditor, M/s Vikas Scaffolding Systems, initiated CIRP against the Corporate Debtor, Metro Builders Orissa Pvt. Ltd. The CIRP was initiated on 2019-12-02. Subsequently, the parties reached a settlement under a Memorandum of Settlement. The Operational Creditor received a portion of the settlement amount. The IRP appointed by the Adjudicating Authority was not present, and no COC had been constituted. The Operational Creditor then filed IA No. 179/CTB/2019 seeking termination of the CIRP. The Adjudicating Authority considered the settlement and the absence of a COC before allowing the withdrawal of the application and terminating the CIRP. The case references CP (IB) No. 103/CTB/2019 and IA No. 179/CTB/2019.
CIRP was initiated…
Hearing held o…