The case involves an application (I.A. 2850/2021) filed by the Operational Creditor under section 12A of the Insolvency and Bankruptcy Code (IBC) for the withdrawal of the Corporate Insolvency Resolution Process (CIRP) order that was previously passed against the Corporate Debtor. The application is based on a settlement reached between the parties. The applicant contends that despite submitting consent terms and Form FA to the Interim Resolution Professional (IRP) and paying Rs. 2 lacs towards initial CIRP costs, the IRP did not file the withdrawal application. The IRP insisted on a performance guarantee and payment of actual expenses, including travel, air tickets, and hotel charges, exceeding the initial Rs. 2 lacs.
The Operational Creditor initiated CIRP against the Corporate Debtor. Subsequently, a settlement was reached between the parties. The Operational Creditor submitted consent terms and Form FA to the IRP and paid Rs. 2 lacs towards initial CIRP costs. However, the IRP did not file the withdrawal application, insisting on a performance guarantee and payment of actual expenses (travel, air tickets, hotel charges) exceeding Rs. 2 lacs. The Operational Creditor claims the total dues are around 21 lacs. Due to the IRP's inaction, the Operational Creditor filed an application (I.A. 2850/2021) for withdrawal of the CIRP order.
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Order sheet of the…
The case involves an application (I.A. 2850/2021) filed by the Operational Creditor under section 12A of the Insolvency and Bankruptcy Code (IBC) for the withdrawal of the Corporate Insolvency Resolution Process (CIRP) order that was previously passed against the Corporate Debtor. The application is based on a settlement reached between the parties. The applicant contends that despite submitting consent terms and Form FA to the Interim Resolution Professional (IRP) and paying Rs. 2 lacs towards initial CIRP costs, the IRP did not file the withdrawal application. The IRP insisted on a performance guarantee and payment of actual expenses, including travel, air tickets, and hotel charges, exceeding the initial Rs. 2 lacs.
The Operational Creditor initiated CIRP against the Corporate Debtor. Subsequently, a settlement was reached between the parties. The Operational Creditor submitted consent terms and Form FA to the IRP and paid Rs. 2 lacs towards initial CIRP costs. However, the IRP did not file the withdrawal application, insisting on a performance guarantee and payment of actual expenses (travel, air tickets, hotel charges) exceeding Rs. 2 lacs. The Operational Creditor claims the total dues are around 21 lacs. Due to the IRP's inaction, the Operational Creditor filed an application (I.A. 2850/2021) for withdrawal of the CIRP order.
Order sheet of the…