The case involves an application (IA/2247/MB/2020) filed by the Operational Creditor under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, seeking withdrawal of a petition for Corporate Insolvency Resolution Process (CIRP). The CIRP admission order was passed on 2020-09-29. The Committee of Creditors (CoC) approved the withdrawal of the petition. A mutual settlement was reached between the applicant and the Corporate Debtor (CD), evidenced by a settlement deed dated 2020-10-31. The applicant submitted the CoC's approval for withdrawal, along with a demand draft for Rs 125,000 towards the estimated cost of CIRP.
The Operational Creditor filed an application (IA/2247/MB/2020) under Section 12A of the IBC seeking to withdraw the CIRP petition against Sakura Signs Pvt. Ltd. The CIRP had been admitted on 2020-09-29. The CoC approved the withdrawal based on a mutual settlement between the applicant and the Corporate Debtor, as evidenced by a settlement deed dated 2020-10-31. The applicant also submitted a demand draft for Rs 125,000 towards the estimated cost of CIRP. The CoC considered that the applicant had complied with all applicable provisions of the IBC, 2016, and related rules and regulations. The Resolution Professional (RP) was Mr. Ajay Marathe.
Sign in to view the parties.
The admission…
A mutual settlement…
The case involves an application (IA/2247/MB/2020) filed by the Operational Creditor under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, seeking withdrawal of a petition for Corporate Insolvency Resolution Process (CIRP). The CIRP admission order was passed on 2020-09-29. The Committee of Creditors (CoC) approved the withdrawal of the petition. A mutual settlement was reached between the applicant and the Corporate Debtor (CD), evidenced by a settlement deed dated 2020-10-31. The applicant submitted the CoC's approval for withdrawal, along with a demand draft for Rs 125,000 towards the estimated cost of CIRP.
The Operational Creditor filed an application (IA/2247/MB/2020) under Section 12A of the IBC seeking to withdraw the CIRP petition against Sakura Signs Pvt. Ltd. The CIRP had been admitted on 2020-09-29. The CoC approved the withdrawal based on a mutual settlement between the applicant and the Corporate Debtor, as evidenced by a settlement deed dated 2020-10-31. The applicant also submitted a demand draft for Rs 125,000 towards the estimated cost of CIRP. The CoC considered that the applicant had complied with all applicable provisions of the IBC, 2016, and related rules and regulations. The Resolution Professional (RP) was Mr. Ajay Marathe.
The admission…
A mutual settlement…