The case involves applications (I.A. No. 1220/KB/2020 and I.A. No. 1286/KB/2020) filed in connection with a Corporate Insolvency Resolution Process (CIRP) initiated against Prayaas Packaging Private Limited (Corporate Debtor) under C.P. (IB) No. 1193/KB/2019. The applications were filed by Anil Kumar Vijay, a suspended director of the Corporate Debtor, seeking a stay of the CIRP and dismissal of the underlying CP (IB) No. 1193 of 2019, citing a settlement agreement with the Operational Creditor (JJ. Plastalloy Private Limited). The CoC initially agreed to a settlement but later withdrew its consent for filing a withdrawal application under section 12A of the Insolvency and Bankruptcy Code, 2016.
The Corporate Debtor, Prayaas Packaging Private Limited, was admitted into CIRP on 2020-03-13 based on an application by Respondent No. 2. Anil Kumar Vijay, a suspended director of Prayaas Packaging, filed applications seeking a stay of the CIRP and dismissal of the underlying CP (IB) No. 1193 of 2019, citing a settlement agreement with the Operational Creditor, JJ. Plastalloy Private Limited. The applicant claimed that a settlement was reached with the Operational Creditor, with payment of Rs.5,00,000/- agreed upon. The applicant informed the IRP, Sandip Kumar Kejriwal, of the settlement. The first CoC meeting was held on 2020-06-25, where it was resolved that signed hard copies of the settlement agreement and Form FA would be handed over to the IRP by 2020-07-03. The
…Sign in to view the parties.
The Corporate Debtor was admitted to CIRP based…
The applicant came to know of the initiation…
The case involves applications (I.A. No. 1220/KB/2020 and I.A. No. 1286/KB/2020) filed in connection with a Corporate Insolvency Resolution Process (CIRP) initiated against Prayaas Packaging Private Limited (Corporate Debtor) under C.P. (IB) No. 1193/KB/2019. The applications were filed by Anil Kumar Vijay, a suspended director of the Corporate Debtor, seeking a stay of the CIRP and dismissal of the underlying CP (IB) No. 1193 of 2019, citing a settlement agreement with the Operational Creditor (JJ. Plastalloy Private Limited). The CoC initially agreed to a settlement but later withdrew its consent for filing a withdrawal application under section 12A of the Insolvency and Bankruptcy Code, 2016.
The Corporate Debtor, Prayaas Packaging Private Limited, was admitted into CIRP on 2020-03-13 based on an application by Respondent No. 2. Anil Kumar Vijay, a suspended director of Prayaas Packaging, filed applications seeking a stay of the CIRP and dismissal of the underlying CP (IB) No. 1193 of 2019, citing a settlement agreement with the Operational Creditor, JJ. Plastalloy Private Limited. The applicant claimed that a settlement was reached with the Operational Creditor, with payment of Rs.5,00,000/- agreed upon. The applicant informed the IRP, Sandip Kumar Kejriwal, of the settlement. The first CoC meeting was held on 2020-06-25, where it was resolved that signed hard copies of the settlement agreement and Form FA would be handed over to the IRP by 2020-07-03. The
…The Corporate Debtor was admitted to CIRP based…
The applicant came to know of the initiation…