The case involves an application (IA No. 226/KB/2017) filed by the Corporate Debtor to withdraw a petition admitted under Section 9 of the Insolvency and Bankruptcy Code (IBC) 2016. The Insolvency Resolution Professional (IRP) had filed a progress report, and a meeting of the Committee of Creditors (CoC) had taken place. The Corporate Debtor sought withdrawal based on an amicable resolution reached with the Operational Creditor/Applicant after the petition's admission and public announcement.
Parker Hannifin India Pvt. Ltd. is the name of the company involved. An application under Section 9 of the IBC, 2016 was filed. The application was admitted on 20/04/2017. A public announcement was made in newspapers on 20/04/2017, inviting claims from creditors. The Corporate Debtor and Operational Creditor/Applicant reached an amicable settlement after the petition's admission. The Corporate Debtor then filed IA No. 226/KB/2017 to withdraw the petition. The first meeting of the Committee of Creditors (CoC) took place on 06/05/2017, with all members present. The CoC decided to abstain from voting in the meeting. Arun Kumar Gupta was appointed as the IRP.
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The case involves an application (IA No. 226/KB/2017) filed by the Corporate Debtor to withdraw a petition admitted under Section 9 of the Insolvency and Bankruptcy Code (IBC) 2016. The Insolvency Resolution Professional (IRP) had filed a progress report, and a meeting of the Committee of Creditors (CoC) had taken place. The Corporate Debtor sought withdrawal based on an amicable resolution reached with the Operational Creditor/Applicant after the petition's admission and public announcement.
Parker Hannifin India Pvt. Ltd. is the name of the company involved. An application under Section 9 of the IBC, 2016 was filed. The application was admitted on 20/04/2017. A public announcement was made in newspapers on 20/04/2017, inviting claims from creditors. The Corporate Debtor and Operational Creditor/Applicant reached an amicable settlement after the petition's admission. The Corporate Debtor then filed IA No. 226/KB/2017 to withdraw the petition. The first meeting of the Committee of Creditors (CoC) took place on 06/05/2017, with all members present. The CoC decided to abstain from voting in the meeting. Arun Kumar Gupta was appointed as the IRP.
The Tribunal passed an order of admission for…
Public announcement was…
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