The case involves an application filed under Section 12A of the Insolvency & Bankruptcy Code, 2016, seeking withdrawal of the Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated based on a petition filed by Bank of Baroda against the corporate debtor, leading to the appointment of Mr. Prawin Charan Dwary as the Interim Resolution Professional (IRP). The IRP undertook necessary publications, and a Committee of Creditors (CoC) was constituted, with Bank of Baroda as the sole member holding 100% voting rights. Subsequently, Bank of Baroda submitted an application in Form FA seeking withdrawal of the CIRP.
Bank of Baroda initiated Corporate Insolvency Resolution Process (CIRP) against an unnamed corporate debtor by filing CP (IB) No.572 of 2018, which was admitted on 01.01.2020. Mr. Prawin Charan Dwary was appointed as the Interim Resolution Professional (IRP). Following the appointment, the IRP made a paper publication. Claims were received until 25.01.2020, and a Committee of Creditors (CoC) was constituted, with the report filed on 27.01.2020. The CoC consisted of only Bank of Baroda, holding 100% voting rights, with an admitted claim of Rs.99,007,757.91. The first CoC meeting was on 03.02.2020, resolving to continue with the IRP as RP. In the second CoC meeting on 19.03.2020, the RP received an application from Bank of Baroda in Form FA, authorizing Mr. Manish Kumar,
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CP (IB) No.572…
CP (IB) No.572 of 2018…
The case involves an application filed under Section 12A of the Insolvency & Bankruptcy Code, 2016, seeking withdrawal of the Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated based on a petition filed by Bank of Baroda against the corporate debtor, leading to the appointment of Mr. Prawin Charan Dwary as the Interim Resolution Professional (IRP). The IRP undertook necessary publications, and a Committee of Creditors (CoC) was constituted, with Bank of Baroda as the sole member holding 100% voting rights. Subsequently, Bank of Baroda submitted an application in Form FA seeking withdrawal of the CIRP.
Bank of Baroda initiated Corporate Insolvency Resolution Process (CIRP) against an unnamed corporate debtor by filing CP (IB) No.572 of 2018, which was admitted on 01.01.2020. Mr. Prawin Charan Dwary was appointed as the Interim Resolution Professional (IRP). Following the appointment, the IRP made a paper publication. Claims were received until 25.01.2020, and a Committee of Creditors (CoC) was constituted, with the report filed on 27.01.2020. The CoC consisted of only Bank of Baroda, holding 100% voting rights, with an admitted claim of Rs.99,007,757.91. The first CoC meeting was on 03.02.2020, resolving to continue with the IRP as RP. In the second CoC meeting on 19.03.2020, the RP received an application from Bank of Baroda in Form FA, authorizing Mr. Manish Kumar,
…CP (IB) No.572…
CP (IB) No.572 of 2018…