An application was filed under Section 12A of the IBC read with 30A of the IBBI (CIRP) Regulations, 2016, along with an affidavit. The court heard the submissions made by the counsel for the Interim Resolution Professional (IRP). The Resolution Professional (RP) was also present. The agenda passed by the Committee of Creditors (COC) with 100% voting indicated that the resolution professional should file an application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) of the corporate debtor, which was admitted under Section 9 of the IBC, in view of Section 12A read with Regulation 30A of IBBI (CIRP) Regulations, 2016. The counsel for the financial creditor and the directors were also present.
Mr. Salasar Techno Engineering Ltd. filed a petition against M/s. Net Soft Consulting under Section 9 of the IBC. An application was subsequently filed under Section 12A of the IBC read with 30A of the IBBI (CIRP) Regulations, 2016, seeking withdrawal of the CIRP. The COC approved the withdrawal with 100% voting. The counsel for the IRP/RP, the financial creditor, and the directors were present during the proceedings. The application for withdrawal was based on Section 12A of IBC, which allows for withdrawal of CIRP under certain conditions, particularly with the approval of the COC. The fact that the COC approved the withdrawal with 100% voting is a key factor in the court's decision.
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The order was delivered…
An application was filed under Section 12A of the IBC read with 30A of the IBBI (CIRP) Regulations, 2016, along with an affidavit. The court heard the submissions made by the counsel for the Interim Resolution Professional (IRP). The Resolution Professional (RP) was also present. The agenda passed by the Committee of Creditors (COC) with 100% voting indicated that the resolution professional should file an application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) of the corporate debtor, which was admitted under Section 9 of the IBC, in view of Section 12A read with Regulation 30A of IBBI (CIRP) Regulations, 2016. The counsel for the financial creditor and the directors were also present.
Mr. Salasar Techno Engineering Ltd. filed a petition against M/s. Net Soft Consulting under Section 9 of the IBC. An application was subsequently filed under Section 12A of the IBC read with 30A of the IBBI (CIRP) Regulations, 2016, seeking withdrawal of the CIRP. The COC approved the withdrawal with 100% voting. The counsel for the IRP/RP, the financial creditor, and the directors were present during the proceedings. The application for withdrawal was based on Section 12A of IBC, which allows for withdrawal of CIRP under certain conditions, particularly with the approval of the COC. The fact that the COC approved the withdrawal with 100% voting is a key factor in the court's decision.
The order was delivered…