The case involves an application (IA No. 246/2019) filed by the Financial Creditor, Vijayanagar Sugar Private Limited, seeking permission to withdraw a petition filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016 against the Corporate Debtor, MS Biotech Private Limited. The application also seeks to set aside the order dated 15.03.2019, which admitted the petition and appointed an Interim Resolution Professional (IRP). The matter was compromised between the Financial Creditor and the Corporate Debtor, and a Memorandum of Understanding (MoU) was enclosed with the application.
Vijayanagar Sugar Private Limited, the Financial Creditor, filed a petition under Section 7 of the IBC, 2016 against MS Biotech Private Limited, the Corporate Debtor. The petition was admitted by the Tribunal on 15.03.2019, and an Interim Resolution Professional (IRP) was appointed. Subsequently, the Financial Creditor filed IA No. 246/2019 seeking permission to withdraw the petition, stating that the matter had been compromised with the Corporate Debtor. The IRP, Mr. Sridhar Venkataraya Sundararaja, was present and reported that the Committee of Creditors (CoC) had not yet been constituted. The Financial Creditor's counsel argued that under Rule 11 of the NCLT Rules, 2016, the Tribunal has the power to grant permission for withdrawal since the CoC was not formed. The
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The Tribunal admitted the petition filed by the…
The Tribunal allowed the application for…
The case involves an application (IA No. 246/2019) filed by the Financial Creditor, Vijayanagar Sugar Private Limited, seeking permission to withdraw a petition filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016 against the Corporate Debtor, MS Biotech Private Limited. The application also seeks to set aside the order dated 15.03.2019, which admitted the petition and appointed an Interim Resolution Professional (IRP). The matter was compromised between the Financial Creditor and the Corporate Debtor, and a Memorandum of Understanding (MoU) was enclosed with the application.
Vijayanagar Sugar Private Limited, the Financial Creditor, filed a petition under Section 7 of the IBC, 2016 against MS Biotech Private Limited, the Corporate Debtor. The petition was admitted by the Tribunal on 15.03.2019, and an Interim Resolution Professional (IRP) was appointed. Subsequently, the Financial Creditor filed IA No. 246/2019 seeking permission to withdraw the petition, stating that the matter had been compromised with the Corporate Debtor. The IRP, Mr. Sridhar Venkataraya Sundararaja, was present and reported that the Committee of Creditors (CoC) had not yet been constituted. The Financial Creditor's counsel argued that under Rule 11 of the NCLT Rules, 2016, the Tribunal has the power to grant permission for withdrawal since the CoC was not formed. The
…The Tribunal admitted the petition filed by the…
The Tribunal allowed the application for…