The case involves an application filed by the Resolution Professional under Section 12A of the Insolvency and Bankruptcy Code, 2016, seeking withdrawal of Corporate Insolvency Resolution Process (CIRP) initiated vide CP(IB) No. 697/KB/2018. The reason for the withdrawal is the discharge of the entire debt due to the Financial Creditor, who is the applicant in the CIRP.
Reliance Commercial Finance Ltd initiated Corporate Insolvency Resolution Process (CIRP) against Snowqueen Towers Pvt. Ltd. via CP(IB) No. 697/KB/2018. The Resolution Professional filed an application (CA(IB) No. 1161/KB/2018) under Section 12A of the Insolvency and Bankruptcy Code, 2016, seeking withdrawal of the CIRP because the entire debt due to the Financial Creditor (Reliance Commercial Finance Ltd) had been discharged. The Resolution Professional submitted that all requirements under Section 12A and Regulation 30A of the Insolvency Resolution Process Regulations were met. The application was filed before the publication of the Expression of Interest from prospective resolution applicants.
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Hearing held on…
Corporate Insolvency…
The case involves an application filed by the Resolution Professional under Section 12A of the Insolvency and Bankruptcy Code, 2016, seeking withdrawal of Corporate Insolvency Resolution Process (CIRP) initiated vide CP(IB) No. 697/KB/2018. The reason for the withdrawal is the discharge of the entire debt due to the Financial Creditor, who is the applicant in the CIRP.
Reliance Commercial Finance Ltd initiated Corporate Insolvency Resolution Process (CIRP) against Snowqueen Towers Pvt. Ltd. via CP(IB) No. 697/KB/2018. The Resolution Professional filed an application (CA(IB) No. 1161/KB/2018) under Section 12A of the Insolvency and Bankruptcy Code, 2016, seeking withdrawal of the CIRP because the entire debt due to the Financial Creditor (Reliance Commercial Finance Ltd) had been discharged. The Resolution Professional submitted that all requirements under Section 12A and Regulation 30A of the Insolvency Resolution Process Regulations were met. The application was filed before the publication of the Expression of Interest from prospective resolution applicants.
Hearing held on…
Corporate Insolvency…