The case involves an application filed by the Resolution Professional (RP) under Section 12A of the Insolvency and Bankruptcy Code (IBC) seeking withdrawal of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, R. D. Engineers (India) Private Limited. A petition under Section 9 of the Code had been admitted on 26.10.2020, regarding a debt of Rs. 4,23,77,899/- including interest. Mr. Laxman Digambar Pawar was appointed as the Interim Resolution Professional (IRP).
Mr. Mukesh Sumermal Sanghvi, the Petitioner, initiated a Corporate Insolvency Resolution Process (CIRP) against R. D. Engineers (India) Private Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The petition was admitted on 26.10.2020, for a debt of Rs. 4,23,77,899/-. Mr. Laxman Digambar Pawar was appointed as the Interim Resolution Professional (IRP). Subsequently, the Petitioner and the Corporate Debtor reached a settlement agreement on 26.10.2020, where the Corporate Debtor agreed to pay Rs. 3,45,05,347/- to settle the outstanding debt. The Resolution Professional (RP) then filed an application under Section 12A of the IBC to withdraw the CIRP. The settlement occurred before the formation of a Committee of Creditors
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A Petition under Section 9 of Code was…
A settlement has been arrived at between…
The case involves an application filed by the Resolution Professional (RP) under Section 12A of the Insolvency and Bankruptcy Code (IBC) seeking withdrawal of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, R. D. Engineers (India) Private Limited. A petition under Section 9 of the Code had been admitted on 26.10.2020, regarding a debt of Rs. 4,23,77,899/- including interest. Mr. Laxman Digambar Pawar was appointed as the Interim Resolution Professional (IRP).
Mr. Mukesh Sumermal Sanghvi, the Petitioner, initiated a Corporate Insolvency Resolution Process (CIRP) against R. D. Engineers (India) Private Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The petition was admitted on 26.10.2020, for a debt of Rs. 4,23,77,899/-. Mr. Laxman Digambar Pawar was appointed as the Interim Resolution Professional (IRP). Subsequently, the Petitioner and the Corporate Debtor reached a settlement agreement on 26.10.2020, where the Corporate Debtor agreed to pay Rs. 3,45,05,347/- to settle the outstanding debt. The Resolution Professional (RP) then filed an application under Section 12A of the IBC to withdraw the CIRP. The settlement occurred before the formation of a Committee of Creditors
…A Petition under Section 9 of Code was…
A settlement has been arrived at between…