An Operational Creditor filed a petition seeking the initiation of Corporate Insolvency Resolution Process (CIRP) against a Corporate Debtor. The Tribunal admitted the petition and appointed Mr. Vishal Malhotra as the Interim Resolution Professional (IRP). Attempts to constitute a Committee of Creditors (COC) were unsuccessful despite compliance with the Insolvency and Bankruptcy Code (IBC), 2016, including newspaper publications in Chandigarh and Delhi. The Operational Creditor and the Corporate Debtor were settling the matter between themselves, and no other claims were received. The IRP filed an application to close the CIRP, stating that the necessary forms had been lodged and expenses covered. The Tribunal considered the application and the consent of the IRP.

An Operational Creditor filed a petition seeking the initiation of Corporate Insolvency Resolution Process (CIRP) against a Corporate Debtor. The Tribunal admitted the petition and appointed Mr. Vishal Malhotra as the Interim Resolution Professional (IRP). Attempts to constitute a Committee of Creditors (COC) were unsuccessful despite compliance with the Insolvency and Bankruptcy Code (IBC), 2016, including newspaper publications in Chandigarh and Delhi. The Operational Creditor and the Corporate Debtor were settling the matter between themselves, and no other claims were received. The IRP filed an application to close the CIRP, stating that the necessary forms had been lodged and expenses covered. The Tribunal considered the application and the consent of the IRP.