The case involves an application filed by the Interim Resolution Professional (IRP) under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, seeking permission to withdraw a Company Petition (CP(IB)No.585/9/HDB/2018). The Tribunal had previously admitted a petition under Section 9 of the IBC filed by an Operational Creditor, initiating the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor and appointing the IRP. After the public announcement, the IRP received only one claim from the operational creditor. The operational creditor and corporate debtor subsequently settled their disputes and entered into a memorandum of settlement.
On 25.08.2020, the Tribunal admitted a petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Om Shiv Shakti Iron Industries (P) Ltd, an Operational Creditor, against Sheetal Shipping & Metal Processor Pvt Ltd, the Corporate Debtor, initiating the Corporate Insolvency Resolution Process (CIRP) and appointing an Interim Resolution Professional (IRP), G. Kalpana. Following the admission, the IRP issued a public announcement on 28.08.2020, inviting creditors to submit their claims. The IRP received only one claim from the operational creditor. Subsequently, the operational creditor and the corporate debtor entered into a Memorandum of Settlement on 21.09.2020, resolving their disputes. The IRP then filed an application under Section 12A of the
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The Tribunal admitted the petition filed under…
The IRP issued a public…
The case involves an application filed by the Interim Resolution Professional (IRP) under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, seeking permission to withdraw a Company Petition (CP(IB)No.585/9/HDB/2018). The Tribunal had previously admitted a petition under Section 9 of the IBC filed by an Operational Creditor, initiating the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor and appointing the IRP. After the public announcement, the IRP received only one claim from the operational creditor. The operational creditor and corporate debtor subsequently settled their disputes and entered into a memorandum of settlement.
On 25.08.2020, the Tribunal admitted a petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Om Shiv Shakti Iron Industries (P) Ltd, an Operational Creditor, against Sheetal Shipping & Metal Processor Pvt Ltd, the Corporate Debtor, initiating the Corporate Insolvency Resolution Process (CIRP) and appointing an Interim Resolution Professional (IRP), G. Kalpana. Following the admission, the IRP issued a public announcement on 28.08.2020, inviting creditors to submit their claims. The IRP received only one claim from the operational creditor. Subsequently, the operational creditor and the corporate debtor entered into a Memorandum of Settlement on 21.09.2020, resolving their disputes. The IRP then filed an application under Section 12A of the
…The Tribunal admitted the petition filed under…
The IRP issued a public…