The case involves a petition filed under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, by Damani Shipping Private Limited (Operational Creditor) against Power Mech Projects Private Limited (Corporate Debtor). The Operational Creditor sought initiation of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The Corporate Debtor was initially treated as absent in an earlier order dated 26.10.2018. An application (IA No.669/2018) was filed for recalling the order treating the corporate debtor as absent. Subsequently, a joint memo was filed by both parties seeking withdrawal of the petition as the matter was compromised.
Damani Shipping Private Limited, the Operational Creditor, filed a petition under Section 9 of the IBC against Power Mech Projects Private Limited, the Corporate Debtor. The Corporate Debtor was initially marked as absent in an order dated 2018-10-26. The Corporate Debtor filed an application (IA No.669/2018) to recall the order treating it as absent, citing inadvertence and lack of awareness of the company petition. The Operational Creditor did not object to the application. Both parties then filed a joint memo seeking to withdraw the petition, stating that they had reached a compromise. The petition had not yet been admitted, and no IRP had been appointed. The relevance of these facts is that they establish the procedural history of the case, the grounds for the
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The court recalled the order treating the…
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The case involves a petition filed under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, by Damani Shipping Private Limited (Operational Creditor) against Power Mech Projects Private Limited (Corporate Debtor). The Operational Creditor sought initiation of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The Corporate Debtor was initially treated as absent in an earlier order dated 26.10.2018. An application (IA No.669/2018) was filed for recalling the order treating the corporate debtor as absent. Subsequently, a joint memo was filed by both parties seeking withdrawal of the petition as the matter was compromised.
Damani Shipping Private Limited, the Operational Creditor, filed a petition under Section 9 of the IBC against Power Mech Projects Private Limited, the Corporate Debtor. The Corporate Debtor was initially marked as absent in an order dated 2018-10-26. The Corporate Debtor filed an application (IA No.669/2018) to recall the order treating it as absent, citing inadvertence and lack of awareness of the company petition. The Operational Creditor did not object to the application. Both parties then filed a joint memo seeking to withdraw the petition, stating that they had reached a compromise. The petition had not yet been admitted, and no IRP had been appointed. The relevance of these facts is that they establish the procedural history of the case, the grounds for the
…The court issued an order treating the…
The court recalled the order treating the…
Sign in to view related legal provisions.