An application was filed under Section 12A of the IBC, 2016, read with Rule 30A of the IBBI Insolvency Resolution Process for Corporate Persons Regulations, 2016, for withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against Shivam Condev Private Limited. The CIRP was initiated based on an application by Dharani Geotech Engineers, an operational creditor. An admission order was passed against the corporate debtor, but before it was uploaded, the operational creditor and corporate debtor reached a settlement. Consequently, a withdrawal application was filed.
Dharani Geotech Engineers, an operational creditor, initiated CIRP against Shivam Condev Private Limited. An admission order was passed on October 8, 2021. However, before the admission order was uploaded, Dharani Geotech Engineers and Shivam Condev Private Limited entered into a settlement agreement on October 9, 2021. Dharani Geotech Engineers then filed a withdrawal application (M.A. (IB) No. 10/CB/2021) under Section 12A of the IBC, 2016, read with Regulation 30A of the IBBI Insolvency Resolution Process for Corporate Persons Regulations, 2016. The outstanding amount was ₹1,42,19,251/-, but the Corporate Debtor agreed to pay ₹80.00 lakhs as a one-time settlement. The Interim Resolution Professional (IRP) also submitted Form-FA for withdrawal. The Committee of
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Tribunal pronounced an order of admission of…
Operational Creditor…
An application was filed under Section 12A of the IBC, 2016, read with Rule 30A of the IBBI Insolvency Resolution Process for Corporate Persons Regulations, 2016, for withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against Shivam Condev Private Limited. The CIRP was initiated based on an application by Dharani Geotech Engineers, an operational creditor. An admission order was passed against the corporate debtor, but before it was uploaded, the operational creditor and corporate debtor reached a settlement. Consequently, a withdrawal application was filed.
Dharani Geotech Engineers, an operational creditor, initiated CIRP against Shivam Condev Private Limited. An admission order was passed on October 8, 2021. However, before the admission order was uploaded, Dharani Geotech Engineers and Shivam Condev Private Limited entered into a settlement agreement on October 9, 2021. Dharani Geotech Engineers then filed a withdrawal application (M.A. (IB) No. 10/CB/2021) under Section 12A of the IBC, 2016, read with Regulation 30A of the IBBI Insolvency Resolution Process for Corporate Persons Regulations, 2016. The outstanding amount was ₹1,42,19,251/-, but the Corporate Debtor agreed to pay ₹80.00 lakhs as a one-time settlement. The Interim Resolution Professional (IRP) also submitted Form-FA for withdrawal. The Committee of
…Tribunal pronounced an order of admission of…
Operational Creditor…