The case involves an application filed by the Interim Resolution Professional (IRP) under Section 12A of the Insolvency and Bankruptcy Code (IBC) read with Regulation 30A(1)(b) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, seeking withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against Kingbell Properties Pvt Ltd. The public announcement for the CIRP was issued on March 19, 2020. The last date for submission of claims was March 31, 2020, later extended to September 8, 2020. Only two claims were received, one from the applicant (IRP) and another from Punjab National Bank. A Committee of Creditors (CoC) was formed with these two financial creditors. A settlement was reached with the original financial
…Kingbell Properties Pvt Ltd faced Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated, and a public announcement was made on March 19, 2020. The last date for claim submission was initially March 31, 2020, but extended to September 8, 2020. Only two claims were received: one from the applicant (IRP) and another from Punjab National Bank. A Committee of Creditors (CoC) was formed with these two financial creditors. A settlement was reached with the original financial creditor, documented on September 19, 2020. The CoC approved the settlement with a 100% vote share. The Interim Resolution Professional (IRP) confirmed that no other claims were received from other creditors or employees, and all CIRP costs were paid. The IRP then filed an application
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Public announcement of the CIRP was issued…
The initial last date…
The case involves an application filed by the Interim Resolution Professional (IRP) under Section 12A of the Insolvency and Bankruptcy Code (IBC) read with Regulation 30A(1)(b) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, seeking withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against Kingbell Properties Pvt Ltd. The public announcement for the CIRP was issued on March 19, 2020. The last date for submission of claims was March 31, 2020, later extended to September 8, 2020. Only two claims were received, one from the applicant (IRP) and another from Punjab National Bank. A Committee of Creditors (CoC) was formed with these two financial creditors. A settlement was reached with the original financial
…Kingbell Properties Pvt Ltd faced Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated, and a public announcement was made on March 19, 2020. The last date for claim submission was initially March 31, 2020, but extended to September 8, 2020. Only two claims were received: one from the applicant (IRP) and another from Punjab National Bank. A Committee of Creditors (CoC) was formed with these two financial creditors. A settlement was reached with the original financial creditor, documented on September 19, 2020. The CoC approved the settlement with a 100% vote share. The Interim Resolution Professional (IRP) confirmed that no other claims were received from other creditors or employees, and all CIRP costs were paid. The IRP then filed an application
…Public announcement of the CIRP was issued…
The initial last date…