The case involves Corporation Bank as the Financial Creditor and Shakambari Rubber Pvt. Ltd. The Financial Creditor filed an application (IA (IB) No. 294/KB/2020) under Rule 11 of the NCLT Rules, 2016, seeking permission to withdraw the Corporate Insolvency Resolution Process (CIRP) application (CP (IB) No. 621/KB/2019) due to a settlement between the parties. The application was considered by the National Company Law Tribunal (NCLT), Kolkata Bench.
Corporation Bank initiated a Corporate Insolvency Resolution Process (CIRP) against Shakambari Rubber Pvt. Ltd. under Section 7 of the IBC. Subsequently, Corporation Bank filed IA (IB) No. 294/KB/2020 seeking to withdraw the CIRP application, CP (IB) No. 621/KB/2019, due to a settlement reached between the parties. The Interim Resolution Professional (IRP) did not appear during the hearing. The Financial Creditor's counsel assured the tribunal that the fees and costs of the IRP would be settled within a week. The NCLT, being satisfied with the settlement, permitted the withdrawal of the CIRP application.
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Hearing on IA (IB) No.…
The case involves Corporation Bank as the Financial Creditor and Shakambari Rubber Pvt. Ltd. The Financial Creditor filed an application (IA (IB) No. 294/KB/2020) under Rule 11 of the NCLT Rules, 2016, seeking permission to withdraw the Corporate Insolvency Resolution Process (CIRP) application (CP (IB) No. 621/KB/2019) due to a settlement between the parties. The application was considered by the National Company Law Tribunal (NCLT), Kolkata Bench.
Corporation Bank initiated a Corporate Insolvency Resolution Process (CIRP) against Shakambari Rubber Pvt. Ltd. under Section 7 of the IBC. Subsequently, Corporation Bank filed IA (IB) No. 294/KB/2020 seeking to withdraw the CIRP application, CP (IB) No. 621/KB/2019, due to a settlement reached between the parties. The Interim Resolution Professional (IRP) did not appear during the hearing. The Financial Creditor's counsel assured the tribunal that the fees and costs of the IRP would be settled within a week. The NCLT, being satisfied with the settlement, permitted the withdrawal of the CIRP application.
Hearing on IA (IB) No.…