The case involves an application (IA No. 905/2019) filed in CP(IB) No. 278/9/HDB/2019 by the Interim Resolution Professional (IRP) seeking withdrawal of the Corporate Insolvency Resolution Process (CIRP) and closure of the proceedings. The CIRP was initiated against NCC Limited. The application was filed under Section 12A of the Insolvency and Bankruptcy Code (IBC) read with Regulation 30A(1)(a) of the IBBI CIRP Regulations, 2016. The Adjudicating Authority had admitted the main petition on 18.10.2019 and commenced CIRP against the Corporate Debtor.
Expo Gas Containers Limited initiated CIRP against NCC Limited under the IBC. The Adjudicating Authority admitted the petition on 18.10.2019, commencing CIRP. Prior to the admission order, on 17.10.2019, Expo Gas Containers Limited and NCC Limited entered into a settlement agreement, resolving the outstanding dues. This settlement was not communicated to the Adjudicating Authority before the admission order. Subsequently, the IRP filed IA No. 905/2019 seeking withdrawal of the CIRP under Section 12A of the IBC, supported by the settlement agreement and confirmation of full payment to the IRP. The Operational Creditor also requested withdrawal. The key fact is the settlement agreement reached before the admission order, justifying the withdrawal application.
Sign in to view the parties.
Settlement agreement…
Adjudicating Authority…
The case involves an application (IA No. 905/2019) filed in CP(IB) No. 278/9/HDB/2019 by the Interim Resolution Professional (IRP) seeking withdrawal of the Corporate Insolvency Resolution Process (CIRP) and closure of the proceedings. The CIRP was initiated against NCC Limited. The application was filed under Section 12A of the Insolvency and Bankruptcy Code (IBC) read with Regulation 30A(1)(a) of the IBBI CIRP Regulations, 2016. The Adjudicating Authority had admitted the main petition on 18.10.2019 and commenced CIRP against the Corporate Debtor.
Expo Gas Containers Limited initiated CIRP against NCC Limited under the IBC. The Adjudicating Authority admitted the petition on 18.10.2019, commencing CIRP. Prior to the admission order, on 17.10.2019, Expo Gas Containers Limited and NCC Limited entered into a settlement agreement, resolving the outstanding dues. This settlement was not communicated to the Adjudicating Authority before the admission order. Subsequently, the IRP filed IA No. 905/2019 seeking withdrawal of the CIRP under Section 12A of the IBC, supported by the settlement agreement and confirmation of full payment to the IRP. The Operational Creditor also requested withdrawal. The key fact is the settlement agreement reached before the admission order, justifying the withdrawal application.
Settlement agreement…
Adjudicating Authority…