The case involves a Corporate Insolvency Resolution (CIR) process initiated under the Insolvency and Bankruptcy Code (IBC). An application (CA 1454/20919) was filed by the Ex-Directors of the Corporate Debtor under Section 12(A) of the IBC, seeking termination of the CIR process. A settlement has been reached between the Corporate Debtor and the Operational Creditor, who is also the sole member of the Committee of Creditors (COC).
The Ex-Directors of the Corporate Debtor filed an application (CA 1454/20919) seeking termination of the CIR process under Section 12(A) of the IBC. A settlement was reached between the Corporate Debtor and the Operational Creditor, who is the sole member of the COC. The IRP's counsel confirmed the settlement. The settlement involved the Operational Creditor (100%) and the Ex-Directors. The key fact is the settlement between the Corporate Debtor and the Operational Creditor, which formed the basis for the application to terminate the CIR process. The court considered this settlement and the confirmation by the IRP's counsel to allow the application.
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The case involves a Corporate Insolvency Resolution (CIR) process initiated under the Insolvency and Bankruptcy Code (IBC). An application (CA 1454/20919) was filed by the Ex-Directors of the Corporate Debtor under Section 12(A) of the IBC, seeking termination of the CIR process. A settlement has been reached between the Corporate Debtor and the Operational Creditor, who is also the sole member of the Committee of Creditors (COC).
The Ex-Directors of the Corporate Debtor filed an application (CA 1454/20919) seeking termination of the CIR process under Section 12(A) of the IBC. A settlement was reached between the Corporate Debtor and the Operational Creditor, who is the sole member of the COC. The IRP's counsel confirmed the settlement. The settlement involved the Operational Creditor (100%) and the Ex-Directors. The key fact is the settlement between the Corporate Debtor and the Operational Creditor, which formed the basis for the application to terminate the CIR process. The court considered this settlement and the confirmation by the IRP's counsel to allow the application.
Hearing before the New…
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