The Operational Creditor filed MA No. 199/CTB/2019, seeking termination of the Corporate Insolvency Resolution (CIR) process, which was initiated on 19.11.2019. The Operational Creditor stated that they had received the entire amount as per their claim and sought permission from the Adjudicating Authority to withdraw the application. The IRP appointed by the Adjudicating Authority was not present, and the Operational Creditor submitted that no Committee of Creditors (COC) had been constituted. The Operational Creditor agreed to settle the dues to the IRP, if any. The case relied on the decision of the Hon'ble Apex Court in the matter of 'Swiss Ribbons Pvt. Ltd. & Anr. Vs. Union of India & Ors.', W.P.(C) 99/2018, which allows for the termination of the CIR
…The Operational Creditor filed MA No. 199/CTB/2019 seeking termination of the CIR process. The CIR process was initiated on 19.11.2019. The Operational Creditor received the entire amount as per their claim. The IRP was not present before the Adjudicating Authority. No COC had been constituted. The Operational Creditor agreed to settle the dues to the IRP. The case relied on the decision of the Hon'ble Apex Court in the matter of 'Swiss Ribbons Pvt. Ltd. & Anr. Vs. Union of India & Ors.', W.P.(C) 99/2018. The Corporate Debtor was released from the rigours of the moratorium and is permitted to function through its own board. The Operational Creditor has undertaken to reimburse the IRP's expenses and professional fees within two weeks from today. The next date of
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The CIR process was initiated based on the…
Hearing on MA No. 199/CTB/2019, filed by the…
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The Operational Creditor filed MA No. 199/CTB/2019, seeking termination of the Corporate Insolvency Resolution (CIR) process, which was initiated on 19.11.2019. The Operational Creditor stated that they had received the entire amount as per their claim and sought permission from the Adjudicating Authority to withdraw the application. The IRP appointed by the Adjudicating Authority was not present, and the Operational Creditor submitted that no Committee of Creditors (COC) had been constituted. The Operational Creditor agreed to settle the dues to the IRP, if any. The case relied on the decision of the Hon'ble Apex Court in the matter of 'Swiss Ribbons Pvt. Ltd. & Anr. Vs. Union of India & Ors.', W.P.(C) 99/2018, which allows for the termination of the CIR
…The Operational Creditor filed MA No. 199/CTB/2019 seeking termination of the CIR process. The CIR process was initiated on 19.11.2019. The Operational Creditor received the entire amount as per their claim. The IRP was not present before the Adjudicating Authority. No COC had been constituted. The Operational Creditor agreed to settle the dues to the IRP. The case relied on the decision of the Hon'ble Apex Court in the matter of 'Swiss Ribbons Pvt. Ltd. & Anr. Vs. Union of India & Ors.', W.P.(C) 99/2018. The Corporate Debtor was released from the rigours of the moratorium and is permitted to function through its own board. The Operational Creditor has undertaken to reimburse the IRP's expenses and professional fees within two weeks from today. The next date of
…The CIR process was initiated based on the…
Hearing on MA No. 199/CTB/2019, filed by the…
Sign in to view related legal provisions.