The case involves an application filed by the Interim Resolution Professional (IRP) under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulation 30A of the IBBI (CIRP) Regulations, 2016, seeking permission to withdraw the Company Petition i.e. CP (IB) No. 515/9/HDB/2019. The Tribunal had previously admitted the petition under Section 9 of the IBC on 20.12.2019, initiating the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor.
The SSV Fab Industries Private Limited initiated Corporate Insolvency Resolution Process (CIRP) against SNS Starch Ltd by filing a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The NCLT admitted the petition on 20.12.2019, initiating CIRP and appointing an Interim Resolution Professional (IRP). Subsequently, both parties agreed to settle the dues and executed a Memorandum of Understanding (MoU) on 23.12.2019. The operational creditor filed Form-FA dated 24.12.2019 under Section 12A of I&B Code, 2016 R/w Regulations 30-A(1a) of the Insolvency and Bankruptcy Board of India Regulations, 2016. The IRP then filed an application under Section 12A of the IBC, seeking withdrawal of the CIRP, supported by the settlement agreement and other
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The Tribunal admitted the petition filed…
Both parties agreed to…
The case involves an application filed by the Interim Resolution Professional (IRP) under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulation 30A of the IBBI (CIRP) Regulations, 2016, seeking permission to withdraw the Company Petition i.e. CP (IB) No. 515/9/HDB/2019. The Tribunal had previously admitted the petition under Section 9 of the IBC on 20.12.2019, initiating the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor.
The SSV Fab Industries Private Limited initiated Corporate Insolvency Resolution Process (CIRP) against SNS Starch Ltd by filing a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The NCLT admitted the petition on 20.12.2019, initiating CIRP and appointing an Interim Resolution Professional (IRP). Subsequently, both parties agreed to settle the dues and executed a Memorandum of Understanding (MoU) on 23.12.2019. The operational creditor filed Form-FA dated 24.12.2019 under Section 12A of I&B Code, 2016 R/w Regulations 30-A(1a) of the Insolvency and Bankruptcy Board of India Regulations, 2016. The IRP then filed an application under Section 12A of the IBC, seeking withdrawal of the CIRP, supported by the settlement agreement and other
…The Tribunal admitted the petition filed…
Both parties agreed to…