The case pertains to CP(IB) No. 51/CTB/2019, where an application was filed by the Operational Creditor seeking termination of the Corporate Insolvency Resolution Process (CIRP) that was initiated on 27.09.2019. The Operational Creditor and the Corporate Debtor settled their claims under a deed of settlement dated 30.10.2019. The Resolution Professional (RP) filed a progress report and stated that the Committee of Creditors (CoC) meeting held on 08.11.2019 approved the filing of a petition under Section 12A of the Insolvency and Bankruptcy Code (IBC) for withdrawal of the CIRP.
The Operational Creditor filed CP(IB) No. 51/CTB/2019, leading to the initiation of the CIRP on 27.09.2019. Subsequently, the Operational Creditor and the Corporate Debtor reached a settlement agreement dated 30.10.2019. The Resolution Professional (RP) submitted a progress report. A CoC meeting was convened on 08.11.2019, where the members voted with 100% approval for filing a petition under Section 12A of the IBC to withdraw the CIRP. The Operational Creditor then filed IA No. 155/CTB/2019 seeking termination of the CIRP. The Adjudicating Authority considered the settlement, the RP's report, and the CoC's decision to allow the withdrawal.
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CIRP initiated…
Operational Creditor…
The case pertains to CP(IB) No. 51/CTB/2019, where an application was filed by the Operational Creditor seeking termination of the Corporate Insolvency Resolution Process (CIRP) that was initiated on 27.09.2019. The Operational Creditor and the Corporate Debtor settled their claims under a deed of settlement dated 30.10.2019. The Resolution Professional (RP) filed a progress report and stated that the Committee of Creditors (CoC) meeting held on 08.11.2019 approved the filing of a petition under Section 12A of the Insolvency and Bankruptcy Code (IBC) for withdrawal of the CIRP.
The Operational Creditor filed CP(IB) No. 51/CTB/2019, leading to the initiation of the CIRP on 27.09.2019. Subsequently, the Operational Creditor and the Corporate Debtor reached a settlement agreement dated 30.10.2019. The Resolution Professional (RP) submitted a progress report. A CoC meeting was convened on 08.11.2019, where the members voted with 100% approval for filing a petition under Section 12A of the IBC to withdraw the CIRP. The Operational Creditor then filed IA No. 155/CTB/2019 seeking termination of the CIRP. The Adjudicating Authority considered the settlement, the RP's report, and the CoC's decision to allow the withdrawal.
CIRP initiated…
Operational Creditor…