The case involves M/s. Arihant Evergreen Agro Plast And Textiles Pvt. Ltd as the petitioner and M/s. Microsys Polymers Pvt. Ltd. as the respondent. The petitioner filed an application under Section 9 of the IBC. The IRP filed an application for withdrawal under Section 12A of the IB Code, 2016, read with regulation 30A of the Code along with Rule 11 of NCLT rules 2016, seeking dispensation of bank guarantee stipulated under Rule 30A of the Code.
M/s. Arihant Evergreen Agro Plast And Textiles Pvt. Ltd initiated proceedings against M/s. Microsys Polymers Pvt. Ltd. under Section 9 of the Insolvency and Bankruptcy Code (IBC). The Interim Resolution Professional (IRP) subsequently filed an application seeking withdrawal of the proceedings under Section 12A of the IBC, coupled with Regulation 30A of the Code and Rule 11 of the NCLT Rules, 2016. A key aspect of the withdrawal application was the request for dispensation of the bank guarantee, which is typically stipulated under Rule 30A of the Code. The parties submitted that the matter should be treated as withdrawn. The liability arising out of non-compliance of any of the statutory regulations from 2019-05-27 shall be borne by the management of the
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The case involves M/s. Arihant Evergreen Agro Plast And Textiles Pvt. Ltd as the petitioner and M/s. Microsys Polymers Pvt. Ltd. as the respondent. The petitioner filed an application under Section 9 of the IBC. The IRP filed an application for withdrawal under Section 12A of the IB Code, 2016, read with regulation 30A of the Code along with Rule 11 of NCLT rules 2016, seeking dispensation of bank guarantee stipulated under Rule 30A of the Code.
M/s. Arihant Evergreen Agro Plast And Textiles Pvt. Ltd initiated proceedings against M/s. Microsys Polymers Pvt. Ltd. under Section 9 of the Insolvency and Bankruptcy Code (IBC). The Interim Resolution Professional (IRP) subsequently filed an application seeking withdrawal of the proceedings under Section 12A of the IBC, coupled with Regulation 30A of the Code and Rule 11 of the NCLT Rules, 2016. A key aspect of the withdrawal application was the request for dispensation of the bank guarantee, which is typically stipulated under Rule 30A of the Code. The parties submitted that the matter should be treated as withdrawn. The liability arising out of non-compliance of any of the statutory regulations from 2019-05-27 shall be borne by the management of the
…The liability arising out of non-compliance of…
Order delivered on…