The case involves an Interlocutory Application No. 360 of 2019 filed in connection with CP (IB) No. 174/9/NCLT/AHM/2018. The initial IB Petition was admitted on 30.05.2019, initiating the Corporate Insolvency Resolution Process (CIRP) for Reon Cast Pvt. Ltd. and declaring a moratorium. An Interim Resolution Professional (IRP) was also appointed. Subsequently, before the Committee of Creditors (CoC) could be formed, the applicant sought to withdraw the IB Petition.
Aspire Enterprise filed an IB Petition against Reon Cast Pvt. Ltd. The petition was admitted on 30.05.2019, initiating CIRP and a moratorium. An IRP was appointed. Before the CoC was formed, Aspire Enterprise applied to withdraw the petition on 25.06.2019. The IRP, Manish Buchasia, confirmed receiving Rs. 75,000 towards fees and expenses. The operational creditor confirmed receiving Rs. 1,37,658 via NEFT on 15.06.2019. The applicant relied on the Supreme Court's judgment in Swiss Ribbons vs. Union of India, which allows withdrawal before CoC formation. The key fact is that the settlement and withdrawal application occurred before the CoC was constituted.
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CP (IB) No. 174/9/NCLT/A…
The Bench admitted the IB Petition, declared a…
The case involves an Interlocutory Application No. 360 of 2019 filed in connection with CP (IB) No. 174/9/NCLT/AHM/2018. The initial IB Petition was admitted on 30.05.2019, initiating the Corporate Insolvency Resolution Process (CIRP) for Reon Cast Pvt. Ltd. and declaring a moratorium. An Interim Resolution Professional (IRP) was also appointed. Subsequently, before the Committee of Creditors (CoC) could be formed, the applicant sought to withdraw the IB Petition.
Aspire Enterprise filed an IB Petition against Reon Cast Pvt. Ltd. The petition was admitted on 30.05.2019, initiating CIRP and a moratorium. An IRP was appointed. Before the CoC was formed, Aspire Enterprise applied to withdraw the petition on 25.06.2019. The IRP, Manish Buchasia, confirmed receiving Rs. 75,000 towards fees and expenses. The operational creditor confirmed receiving Rs. 1,37,658 via NEFT on 15.06.2019. The applicant relied on the Supreme Court's judgment in Swiss Ribbons vs. Union of India, which allows withdrawal before CoC formation. The key fact is that the settlement and withdrawal application occurred before the CoC was constituted.
CP (IB) No. 174/9/NCLT/A…
The Bench admitted the IB Petition, declared a…