The case involves an application filed under Section 12A of the Insolvency and Bankruptcy Code (IBC) by the Interim Resolution Professional (IRP) seeking approval for the Committee of Creditors' (CoC) decision to withdraw the application due to a settlement of the claim between the Operational Creditor and the Corporate Debtor. The CoC unanimously voted in favor of filing the application under Section 12A in a meeting held on February 25, 2020.
Sea Board Special Crops India Pvt. Ltd. is involved in a case with Ravi Commodities Pvt. Ltd. An application was filed under Section 12A of the IBC by the IRP, seeking approval for the CoC's decision to withdraw the application due to a settlement between the Operational Creditor and the Corporate Debtor. The CoC unanimously voted in favor of filing the application under Section 12A in a meeting held on February 25, 2020. No other Operational Creditors came forward to submit claims despite publication in the newspaper. The IRP claimed Rs. 1,57,300/- is due and payable, including fees and costs. The Operational Creditor did not object to the IRP's claim. Rs. 5,00,000/- had already been deposited in an escrow account with SBI. The court approved the withdrawal
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The CoC unanimously voted in favor of filing an…
Hearing on the…
The case involves an application filed under Section 12A of the Insolvency and Bankruptcy Code (IBC) by the Interim Resolution Professional (IRP) seeking approval for the Committee of Creditors' (CoC) decision to withdraw the application due to a settlement of the claim between the Operational Creditor and the Corporate Debtor. The CoC unanimously voted in favor of filing the application under Section 12A in a meeting held on February 25, 2020.
Sea Board Special Crops India Pvt. Ltd. is involved in a case with Ravi Commodities Pvt. Ltd. An application was filed under Section 12A of the IBC by the IRP, seeking approval for the CoC's decision to withdraw the application due to a settlement between the Operational Creditor and the Corporate Debtor. The CoC unanimously voted in favor of filing the application under Section 12A in a meeting held on February 25, 2020. No other Operational Creditors came forward to submit claims despite publication in the newspaper. The IRP claimed Rs. 1,57,300/- is due and payable, including fees and costs. The Operational Creditor did not object to the IRP's claim. Rs. 5,00,000/- had already been deposited in an escrow account with SBI. The court approved the withdrawal
…The CoC unanimously voted in favor of filing an…
Hearing on the…