The case involves an application filed under Section 12A of the Insolvency and Bankruptcy Code, 2016, by the Interim Resolution Professional (IRP) seeking withdrawal of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, M/s Shivpuri Water Infrastructure Pvt. Ltd. The CIRP was initiated after an application under Section 7 of the I&B Code was admitted on 08.01.2020.
An application under Section 7 of the I&B Code was admitted on 08.01.2020, initiating the CIRP against M/s Shivpuri Water Infrastructure Pvt. Ltd. The first meeting of the Committee of Creditors (CoC) was convened on 12.02.2020. On 28.02.2020, Bank of Baroda, the sole financial creditor and Respondent No.2, filed Form-FA to the RP under Regulation 30A of the IBBI Regulations, seeking withdrawal of the CIRP. Bank of Baroda stated that the corporate debtor had no immovable assets, making a resolution plan unlikely. The CoC passed a resolution on 04.03.2020, with over 90% majority, to withdraw the CIRP. The IRP then filed an application under Section 12A of the I&B Code to allow the withdrawal.
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An application under…
The first meeting of…
The case involves an application filed under Section 12A of the Insolvency and Bankruptcy Code, 2016, by the Interim Resolution Professional (IRP) seeking withdrawal of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, M/s Shivpuri Water Infrastructure Pvt. Ltd. The CIRP was initiated after an application under Section 7 of the I&B Code was admitted on 08.01.2020.
An application under Section 7 of the I&B Code was admitted on 08.01.2020, initiating the CIRP against M/s Shivpuri Water Infrastructure Pvt. Ltd. The first meeting of the Committee of Creditors (CoC) was convened on 12.02.2020. On 28.02.2020, Bank of Baroda, the sole financial creditor and Respondent No.2, filed Form-FA to the RP under Regulation 30A of the IBBI Regulations, seeking withdrawal of the CIRP. Bank of Baroda stated that the corporate debtor had no immovable assets, making a resolution plan unlikely. The CoC passed a resolution on 04.03.2020, with over 90% majority, to withdraw the CIRP. The IRP then filed an application under Section 12A of the I&B Code to allow the withdrawal.
An application under…
The first meeting of…