The case involves an application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor. The applicant/IRP filed IA 2089/2021 under Section 12A of the Insolvency and Bankruptcy Code, 2016, read with Regulation 30A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, and Rule 8 of the Insolvency and Bankruptcy Code. The CIRP was initiated vide order dated 07.09.2021.
The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor. The applicant/IRP filed an application (IA 2089/2021) seeking directions for withdrawal of the CIRP under Section 12A of the Insolvency and Bankruptcy Code, 2016. The basis for the withdrawal application was a formal settlement agreement dated 11.08.2021 between the Petitioner and the Corporate Debtor, where the Corporate Debtor agreed to pay Rs. 1,57,00,000/- in full and final settlement. The settlement amount was to be paid according to a schedule, with payments made via Bank of India cheques. A portion of the settlement (Rs. 5,23,000/-) was designated for TDS to be credited to the Petitioner No. 1 with the Central Government. The initial order initiating CIRP was dated
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Petitioner and…
Rs. 31,00,000/- paid…
The case involves an application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor. The applicant/IRP filed IA 2089/2021 under Section 12A of the Insolvency and Bankruptcy Code, 2016, read with Regulation 30A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, and Rule 8 of the Insolvency and Bankruptcy Code. The CIRP was initiated vide order dated 07.09.2021.
The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor. The applicant/IRP filed an application (IA 2089/2021) seeking directions for withdrawal of the CIRP under Section 12A of the Insolvency and Bankruptcy Code, 2016. The basis for the withdrawal application was a formal settlement agreement dated 11.08.2021 between the Petitioner and the Corporate Debtor, where the Corporate Debtor agreed to pay Rs. 1,57,00,000/- in full and final settlement. The settlement amount was to be paid according to a schedule, with payments made via Bank of India cheques. A portion of the settlement (Rs. 5,23,000/-) was designated for TDS to be credited to the Petitioner No. 1 with the Central Government. The initial order initiating CIRP was dated
…Petitioner and…
Rs. 31,00,000/- paid…