M/s Revex Plasticisers Pvt. Ltd. filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against M/s Punjab Switchgears Pvt. Ltd. The petition was admitted, and a moratorium was declared. Mr. Madan Gopal Jindal was appointed as the Interim Resolution Professional (IRP). Subsequently, the Operational Creditor (Revex Plasticisers) received the unpaid operational debt from the Corporate Debtor (Punjab Switchgears) and sought to withdraw the petition under Rule 11 of the NCLT Rules, 2016.
M/s Revex Plasticisers Pvt. Ltd. (Operational Creditor) initiated CIRP against M/s Punjab Switchgears Pvt. Ltd. (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The petition was admitted on 2019-06-07, and a moratorium was imposed. Mr. Madan Gopal Jindal was appointed as the IRP. The outstanding operational debt was ₹5,33,433/-, including interest. The Corporate Debtor paid ₹4,50,325/- to the Operational Creditor. After receiving the unpaid operational debt, the Operational Creditor sought to withdraw the CIRP petition. The IRP confirmed that all professional fees and CIRP costs of ₹1,13,356/- had been paid. The settlement occurred before the constitution of the Committee of Creditors. The relevance of the facts is that they demonstrate
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Petition filed under Section 9 of the…
Moratorium in terms of…
M/s Revex Plasticisers Pvt. Ltd. filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against M/s Punjab Switchgears Pvt. Ltd. The petition was admitted, and a moratorium was declared. Mr. Madan Gopal Jindal was appointed as the Interim Resolution Professional (IRP). Subsequently, the Operational Creditor (Revex Plasticisers) received the unpaid operational debt from the Corporate Debtor (Punjab Switchgears) and sought to withdraw the petition under Rule 11 of the NCLT Rules, 2016.
M/s Revex Plasticisers Pvt. Ltd. (Operational Creditor) initiated CIRP against M/s Punjab Switchgears Pvt. Ltd. (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The petition was admitted on 2019-06-07, and a moratorium was imposed. Mr. Madan Gopal Jindal was appointed as the IRP. The outstanding operational debt was ₹5,33,433/-, including interest. The Corporate Debtor paid ₹4,50,325/- to the Operational Creditor. After receiving the unpaid operational debt, the Operational Creditor sought to withdraw the CIRP petition. The IRP confirmed that all professional fees and CIRP costs of ₹1,13,356/- had been paid. The settlement occurred before the constitution of the Committee of Creditors. The relevance of the facts is that they demonstrate
…Petition filed under Section 9 of the…
Moratorium in terms of…