The Operational Creditor filed an application in CP/261/IB/2018 stating that a settlement had been reached with the Corporate Debtor. The IRP submitted a status report indicating that no claims were received from any creditor after the public announcement, which closed on 2018-05-01. The Corporate Debtor's representative stated that a settlement process with Axis Bank, a Financial Creditor, was in progress, and a sum of Rs. 1.85 crores had been paid to the bank. A Joint Memo of Compromise was filed by the Operational Creditor and the Corporate Debtor.
The Operational Creditor, Kamachi Industries Ltd, initiated CIRP against the Corporate Debtor, Shree Manickam Infrastructure Pvt Ltd. The Operational Creditor filed an application stating a settlement had been reached. The IRP, Mr. Sundaresan Nagarajan, submitted a status report indicating no claims were received after the public announcement closed on 2018-05-01. Axis Bank, a Financial Creditor, was in the process of settlement with the Corporate Debtor, having received Rs. 1.85 crores. A Joint Memo of Compromise was filed. The Operational Creditor's counsel undertook to pay the IRP's expenses. The key fact is the settlement between the Operational Creditor and Corporate Debtor, leading to the withdrawal of the CIRP application.
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The Operational Creditor filed an application in CP/261/IB/2018 stating that a settlement had been reached with the Corporate Debtor. The IRP submitted a status report indicating that no claims were received from any creditor after the public announcement, which closed on 2018-05-01. The Corporate Debtor's representative stated that a settlement process with Axis Bank, a Financial Creditor, was in progress, and a sum of Rs. 1.85 crores had been paid to the bank. A Joint Memo of Compromise was filed by the Operational Creditor and the Corporate Debtor.
The Operational Creditor, Kamachi Industries Ltd, initiated CIRP against the Corporate Debtor, Shree Manickam Infrastructure Pvt Ltd. The Operational Creditor filed an application stating a settlement had been reached. The IRP, Mr. Sundaresan Nagarajan, submitted a status report indicating no claims were received after the public announcement closed on 2018-05-01. Axis Bank, a Financial Creditor, was in the process of settlement with the Corporate Debtor, having received Rs. 1.85 crores. A Joint Memo of Compromise was filed. The Operational Creditor's counsel undertook to pay the IRP's expenses. The key fact is the settlement between the Operational Creditor and Corporate Debtor, leading to the withdrawal of the CIRP application.
Original order…
Date on which the public announcement period…
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