The case involves an application under Section 12A of the IBC read with Regulation 30A of the Insolvency Resolution Regulations, 2016, for withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against M/s. Shobha Cards Private Limited. The application was filed before the National Company Law Tribunal (NCLT), New Delhi, Bench VI.
Kotak Mahindra Bank Ltd. initiated a Corporate Insolvency Resolution Process (CIRP) against M/s. Shobha Cards Pvt. Ltd. under Section 7 of the IBC. The Interim Resolution Professional (IRP) was appointed. Subsequently, the Committee of Creditors (CoC) resolved with a 96.7% majority to file a withdrawal application under Section 12A of the IBC. The application was filed before the NCLT, New Delhi. The relevance of the CoC's decision is that it is a crucial factor in determining whether the CIRP should continue or be withdrawn. The NCLT considered the CoC's decision and the submissions of the IRP's counsel.
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Kotak Mahindra Bank Ltd. initiated Corporate…
Order delivered on…
The case involves an application under Section 12A of the IBC read with Regulation 30A of the Insolvency Resolution Regulations, 2016, for withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against M/s. Shobha Cards Private Limited. The application was filed before the National Company Law Tribunal (NCLT), New Delhi, Bench VI.
Kotak Mahindra Bank Ltd. initiated a Corporate Insolvency Resolution Process (CIRP) against M/s. Shobha Cards Pvt. Ltd. under Section 7 of the IBC. The Interim Resolution Professional (IRP) was appointed. Subsequently, the Committee of Creditors (CoC) resolved with a 96.7% majority to file a withdrawal application under Section 12A of the IBC. The application was filed before the NCLT, New Delhi. The relevance of the CoC's decision is that it is a crucial factor in determining whether the CIRP should continue or be withdrawn. The NCLT considered the CoC's decision and the submissions of the IRP's counsel.
Kotak Mahindra Bank Ltd. initiated Corporate…
Order delivered on…