The case involves an application for withdrawal of a Corporate Insolvency Resolution Process (CIRP) initiated against Praxis Developers India Pvt. Ltd. The CIRP was initiated based on a petition filed by Sandeep Bidani, a Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petition was admitted on 06.07.2018, and a moratorium was declared. Sudhir Kalra was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The Committee of Creditors (COC) was formed, and the CIRP timeline was extended. Subsequently, the Financial Creditor filed an application under Section 12A of the Code for withdrawal of the CIRP.
Sandeep Bidani, a Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Praxis Developers India Pvt. Ltd. (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petition was admitted on 06.07.2018, leading to a moratorium. Sudhir Kalra was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The Committee of Creditors (COC) was formed, and the CIRP timeline was extended by 90 days effective from 02.01.2019. Sandeep Bidani then filed an application under Section 12A of the Code for withdrawal of the CIRP. The application was not initially accompanied by a bank guarantee for estimated costs. The Corporate Debtor undertook to pay outstanding CIRP expenses
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The petition under Section 7 of the Insolvency…
Shri Sudhir Kalra was…
The case involves an application for withdrawal of a Corporate Insolvency Resolution Process (CIRP) initiated against Praxis Developers India Pvt. Ltd. The CIRP was initiated based on a petition filed by Sandeep Bidani, a Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petition was admitted on 06.07.2018, and a moratorium was declared. Sudhir Kalra was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The Committee of Creditors (COC) was formed, and the CIRP timeline was extended. Subsequently, the Financial Creditor filed an application under Section 12A of the Code for withdrawal of the CIRP.
Sandeep Bidani, a Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Praxis Developers India Pvt. Ltd. (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petition was admitted on 06.07.2018, leading to a moratorium. Sudhir Kalra was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The Committee of Creditors (COC) was formed, and the CIRP timeline was extended by 90 days effective from 02.01.2019. Sandeep Bidani then filed an application under Section 12A of the Code for withdrawal of the CIRP. The application was not initially accompanied by a bank guarantee for estimated costs. The Corporate Debtor undertook to pay outstanding CIRP expenses
…The petition under Section 7 of the Insolvency…
Shri Sudhir Kalra was…