The case involves an application (IA No. 246/2019) filed in a corporate insolvency resolution process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The application was filed by the Financial Creditor, Vijayanagar Sugar Private Limited, seeking to withdraw the petition against the Corporate Debtor, MS Biotech Private Limited. The initial petition was admitted by the NCLT, and an Interim Resolution Professional (IRP) was appointed. The Financial Creditor sought to withdraw the petition based on a compromise reached with the Corporate Debtor.
Vijayanagar Sugar Private Limited, the Financial Creditor, filed a petition under Section 7 of the IBC against MS Biotech Private Limited, the Corporate Debtor. The NCLT admitted the petition and appointed an Interim Resolution Professional (IRP). Subsequently, Vijayanagar Sugar Private Limited filed IA No. 246/2019 seeking to withdraw the petition based on a compromise with MS Biotech Private Limited. The IRP, Sridhar Venkataraya Sundararaja, was present and reported that the Committee of Creditors (CoC) had not yet been constituted. The Financial Creditor argued that the Tribunal had the power to allow the withdrawal under Rule 11 of the NCLT Rules, 2016. The Financial Creditor relied on the decision of Hon'ble Apex Court in Swiss Ribbons Private Limited and Another
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Corporate Insolvency Petition filed by…
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The case involves an application (IA No. 246/2019) filed in a corporate insolvency resolution process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The application was filed by the Financial Creditor, Vijayanagar Sugar Private Limited, seeking to withdraw the petition against the Corporate Debtor, MS Biotech Private Limited. The initial petition was admitted by the NCLT, and an Interim Resolution Professional (IRP) was appointed. The Financial Creditor sought to withdraw the petition based on a compromise reached with the Corporate Debtor.
Vijayanagar Sugar Private Limited, the Financial Creditor, filed a petition under Section 7 of the IBC against MS Biotech Private Limited, the Corporate Debtor. The NCLT admitted the petition and appointed an Interim Resolution Professional (IRP). Subsequently, Vijayanagar Sugar Private Limited filed IA No. 246/2019 seeking to withdraw the petition based on a compromise with MS Biotech Private Limited. The IRP, Sridhar Venkataraya Sundararaja, was present and reported that the Committee of Creditors (CoC) had not yet been constituted. The Financial Creditor argued that the Tribunal had the power to allow the withdrawal under Rule 11 of the NCLT Rules, 2016. The Financial Creditor relied on the decision of Hon'ble Apex Court in Swiss Ribbons Private Limited and Another
…Corporate Insolvency Petition filed by…
Tribunal passed an order admitting the…
Sign in to view related legal provisions.