The case involves an application (I.A. No. 159 of 2020) filed in C.P. (IB) No. 235/BB/2018 by M/s. Orijean Private Limited, seeking to condone a delay of 159 days in submitting the Tribunal's order to the Registrar of Companies (ROC). The initial Corporate Insolvency Resolution Process (CIRP) was initiated by Vaishnavi Industries against Orijean Private Limited for a default amount of Rs. 12,28,762. The adjudicating authority admitted the case on 07.08.2019, initiating CIRP and appointing an Interim Resolution Professional (IRP). Subsequently, an application (I.A. No. 418/2019) was filed under Section 12A of the Insolvency and Bankruptcy Code (IBC) for withdrawal of the CIRP after the outstanding dues were settled with the corporate debtor. The application for
…Vaishnavi Industries initiated CIRP against Orijean Private Limited due to a default of Rs. 12,28,762. The CIRP was admitted on 07.08.2019. Subsequently, Orijean Private Limited settled the outstanding dues, leading to the filing of I.A. No. 418/2019 for withdrawal of the CIRP under Section 12A of the IBC. The withdrawal was allowed on 04.09.2019, requiring the order to be filed with the Registrar of Companies within 30 days (by 05.10.2019). However, the filing was delayed by 159 days, occurring on 18.02.2020. Orijean Private Limited then filed I.A. No. 159 of 2020 to condone this delay, arguing it was unintentional. The Registrar of Companies objected to the delay. The delay is relevant because it affects the formal closure of the CIRP and the recording of the
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C.P (IB) No. 235/BB/2018…
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The case involves an application (I.A. No. 159 of 2020) filed in C.P. (IB) No. 235/BB/2018 by M/s. Orijean Private Limited, seeking to condone a delay of 159 days in submitting the Tribunal's order to the Registrar of Companies (ROC). The initial Corporate Insolvency Resolution Process (CIRP) was initiated by Vaishnavi Industries against Orijean Private Limited for a default amount of Rs. 12,28,762. The adjudicating authority admitted the case on 07.08.2019, initiating CIRP and appointing an Interim Resolution Professional (IRP). Subsequently, an application (I.A. No. 418/2019) was filed under Section 12A of the Insolvency and Bankruptcy Code (IBC) for withdrawal of the CIRP after the outstanding dues were settled with the corporate debtor. The application for
…Vaishnavi Industries initiated CIRP against Orijean Private Limited due to a default of Rs. 12,28,762. The CIRP was admitted on 07.08.2019. Subsequently, Orijean Private Limited settled the outstanding dues, leading to the filing of I.A. No. 418/2019 for withdrawal of the CIRP under Section 12A of the IBC. The withdrawal was allowed on 04.09.2019, requiring the order to be filed with the Registrar of Companies within 30 days (by 05.10.2019). However, the filing was delayed by 159 days, occurring on 18.02.2020. Orijean Private Limited then filed I.A. No. 159 of 2020 to condone this delay, arguing it was unintentional. The Registrar of Companies objected to the delay. The delay is relevant because it affects the formal closure of the CIRP and the recording of the
…C.P (IB) No. 235/BB/2018…
Adjudicating authority…