The case involves Techmech Realtors Pvt. Ltd. versus Omega Transmission Pvt. Ltd. The financial creditor and corporate debtor entered into a settlement after the admission of CIRP against the corporate debtor. The Resolution Professional (RP) filed CA(IB) 1121/KB/2019 for withdrawal of the main CP.
Techmech Realtors Pvt. Ltd. initiated a Corporate Insolvency Resolution Process (CIRP) against Omega Transmission Pvt. Ltd. Subsequently, the financial creditor and the corporate debtor reached a settlement after the CIRP had been admitted. The Resolution Professional (RP) then filed an application (CA(IB) 1121/KB/2019) seeking withdrawal of the main CP (CP(IB) No. 992/KB/2018). The court noted that the CoC had not yet been formed. The relevance of the settlement is that it provided the basis for the RP's application for withdrawal and the court's decision to allow it.
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Hearing held…
Financial creditor and…
The case involves Techmech Realtors Pvt. Ltd. versus Omega Transmission Pvt. Ltd. The financial creditor and corporate debtor entered into a settlement after the admission of CIRP against the corporate debtor. The Resolution Professional (RP) filed CA(IB) 1121/KB/2019 for withdrawal of the main CP.
Techmech Realtors Pvt. Ltd. initiated a Corporate Insolvency Resolution Process (CIRP) against Omega Transmission Pvt. Ltd. Subsequently, the financial creditor and the corporate debtor reached a settlement after the CIRP had been admitted. The Resolution Professional (RP) then filed an application (CA(IB) 1121/KB/2019) seeking withdrawal of the main CP (CP(IB) No. 992/KB/2018). The court noted that the CoC had not yet been formed. The relevance of the settlement is that it provided the basis for the RP's application for withdrawal and the court's decision to allow it.
Hearing held…
Financial creditor and…