The case involves an application filed by Mr. Shailesh Bhalchandra Desai, the Resolution Professional (RP) of Privilege Healthcare Services Pvt. Ltd, seeking approval for the withdrawal of Corporate Insolvency Process initiated by Union Bank of India (erstwhile Corporate Bank). The Corporate Insolvency Resolution Process (CIRP) was initiated via C.P. No. 1902/2019, which was admitted on 04.12.2019. The application for withdrawal is based on Section 12A of the Insolvency and Bankruptcy Code, 2016, read with Regulation 30A of IBBI Regulations, 2016, due to a settlement between the parties.
Union Bank of India (erstwhile Corporate Bank) initiated Corporate Insolvency Resolution Process (CIRP) against Privilege Healthcare Services Pvt. Ltd. via C.P. No. 1902/2019, which was admitted on 04.12.2019. Ms. Deepa Kabra Rathi was initially appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Shailesh Bhalchandra Desai as the Resolution Professional (RP). The Committee of Creditors (CoC) was formed. Union Bank of India and PMC bank issued OTS (One Time Settlement) sanction letters for the settlement of loan dues. The 5th CoC meeting was held on 14.08.2020, where the withdrawal of the CIRP was discussed. The CoC approved the withdrawal with 100% voting share. The applicant confirmed compliance with the OTS sanction letters and that the fees
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Corporate Insolvency Resolution Process (CIRP)…
Mr. Shailesh Bhalchandra Desai was appointed…
The case involves an application filed by Mr. Shailesh Bhalchandra Desai, the Resolution Professional (RP) of Privilege Healthcare Services Pvt. Ltd, seeking approval for the withdrawal of Corporate Insolvency Process initiated by Union Bank of India (erstwhile Corporate Bank). The Corporate Insolvency Resolution Process (CIRP) was initiated via C.P. No. 1902/2019, which was admitted on 04.12.2019. The application for withdrawal is based on Section 12A of the Insolvency and Bankruptcy Code, 2016, read with Regulation 30A of IBBI Regulations, 2016, due to a settlement between the parties.
Union Bank of India (erstwhile Corporate Bank) initiated Corporate Insolvency Resolution Process (CIRP) against Privilege Healthcare Services Pvt. Ltd. via C.P. No. 1902/2019, which was admitted on 04.12.2019. Ms. Deepa Kabra Rathi was initially appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Shailesh Bhalchandra Desai as the Resolution Professional (RP). The Committee of Creditors (CoC) was formed. Union Bank of India and PMC bank issued OTS (One Time Settlement) sanction letters for the settlement of loan dues. The 5th CoC meeting was held on 14.08.2020, where the withdrawal of the CIRP was discussed. The CoC approved the withdrawal with 100% voting share. The applicant confirmed compliance with the OTS sanction letters and that the fees
…Corporate Insolvency Resolution Process (CIRP)…
Mr. Shailesh Bhalchandra Desai was appointed…