The case involves a joint application filed by the Operational Creditor and the Corporate Debtor seeking termination of the Corporate Insolvency Resolution (CIR) process. A settlement was reached between the parties, executed before the admission order was uploaded. The Interim Resolution Professional (IRP) confirmed that no claims had been received.
Ayam Weldmesh Pvt. Ltd. initiated a CIR process against Nice Projects Ltd. However, before the constitution of a Committee of Creditors (COC), both parties reached a settlement. They jointly filed an application to terminate the CIR process. The Interim Resolution Professional (IRP) confirmed that no claims had been received. The settlement was executed before the admission order was uploaded. The Corporate Debtor is liable to cover the expenses of the IRP along with a reasonable fee. The case references the decision of the Hon'ble Apex Court in 'Swiss Ribbons Pvt. Ltd. & Anr. Vs. Union of India & Ors.', W.P.(C) 99/2018.
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The case involves a joint application filed by the Operational Creditor and the Corporate Debtor seeking termination of the Corporate Insolvency Resolution (CIR) process. A settlement was reached between the parties, executed before the admission order was uploaded. The Interim Resolution Professional (IRP) confirmed that no claims had been received.
Ayam Weldmesh Pvt. Ltd. initiated a CIR process against Nice Projects Ltd. However, before the constitution of a Committee of Creditors (COC), both parties reached a settlement. They jointly filed an application to terminate the CIR process. The Interim Resolution Professional (IRP) confirmed that no claims had been received. The settlement was executed before the admission order was uploaded. The Corporate Debtor is liable to cover the expenses of the IRP along with a reasonable fee. The case references the decision of the Hon'ble Apex Court in 'Swiss Ribbons Pvt. Ltd. & Anr. Vs. Union of India & Ors.', W.P.(C) 99/2018.
Hearing before the New…
Case scheduled…