The case pertains to an application filed under Section 12A of the Insolvency and Bankruptcy Code (IBC) 2016, read with regulation 30A(1)(a) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations 2016. The application sought the court's permission to close the Corporate Insolvency Resolution Process (CIRP) that had been initiated against Praxis Home Retail Ltd. The CIRP was initially ordered by the court on 04.08.2020 in CP(IB)-3018(MB)/2019. The basis for seeking closure was a settlement reached between the Operational Creditor and the Corporate Debtor.
An application was filed under Section 12A of the IBC 2016 seeking to close the CIRP against Praxis Home Retail Ltd. The CIRP was initiated by a court order dated 04.08.2020. The reason for seeking closure was a settlement between the Operational Creditor and the Corporate Debtor. The IRP confirmed the settlement and stated that no other claims were received. The IRP also received Rs. 1,00,000/- from the Corporate Debtor for professional fees. Form-FA was filed with the Registry. The Adjudicating Authority considered the submissions and closed the CIRP.
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The Court ordered the initiation of the…
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The case pertains to an application filed under Section 12A of the Insolvency and Bankruptcy Code (IBC) 2016, read with regulation 30A(1)(a) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations 2016. The application sought the court's permission to close the Corporate Insolvency Resolution Process (CIRP) that had been initiated against Praxis Home Retail Ltd. The CIRP was initially ordered by the court on 04.08.2020 in CP(IB)-3018(MB)/2019. The basis for seeking closure was a settlement reached between the Operational Creditor and the Corporate Debtor.
An application was filed under Section 12A of the IBC 2016 seeking to close the CIRP against Praxis Home Retail Ltd. The CIRP was initiated by a court order dated 04.08.2020. The reason for seeking closure was a settlement between the Operational Creditor and the Corporate Debtor. The IRP confirmed the settlement and stated that no other claims were received. The IRP also received Rs. 1,00,000/- from the Corporate Debtor for professional fees. Form-FA was filed with the Registry. The Adjudicating Authority considered the submissions and closed the CIRP.
The Court ordered the initiation of the…
Hearing held regarding…