The case involves multiple Interlocutory Applications (IAs) filed in connection with a Corporate Insolvency Resolution Process (CIRP) initiated under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Resolution Professional (RP) filed IA-256/2021 seeking exclusion and extension of time due to the lockdown imposed by the State of Maharashtra. Other IAs (IA-2308/2020 and IA-444/2021) were filed by the RP seeking admission of claims from Operational Creditors. IA-805/2021 was filed by the RP seeking withdrawal of the CIRP based on a resolution passed by the Committee of Creditors (CoC). The CoC, consisting solely of Union Bank of India, approved the withdrawal after a settlement agreement was reached with the Corporate Debtor.
Aviaxpert Pvt. Ltd. was undergoing a Corporate Insolvency Resolution Process (CIRP) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Resolution Professional (RP) filed several applications, including one for exclusion of time due to the COVID-19 lockdown (IA-256/2021). The RP also filed applications for the admission of claims from Operational Creditors (IA-2308/2020 and IA-444/2021). The Committee of Creditors (CoC), consisting solely of Union Bank of India, resolved to withdraw the CIRP (IA-805/2021) after a settlement agreement was reached with the Corporate Debtor, involving a payment of Rs. 64 crores. The sole CoC member also ratified the CIRP costs and ensured their payment. The Corporate Debtor entered into an OTS (One Time Settlement) agreement
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The case involves multiple Interlocutory Applications (IAs) filed in connection with a Corporate Insolvency Resolution Process (CIRP) initiated under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Resolution Professional (RP) filed IA-256/2021 seeking exclusion and extension of time due to the lockdown imposed by the State of Maharashtra. Other IAs (IA-2308/2020 and IA-444/2021) were filed by the RP seeking admission of claims from Operational Creditors. IA-805/2021 was filed by the RP seeking withdrawal of the CIRP based on a resolution passed by the Committee of Creditors (CoC). The CoC, consisting solely of Union Bank of India, approved the withdrawal after a settlement agreement was reached with the Corporate Debtor.
Aviaxpert Pvt. Ltd. was undergoing a Corporate Insolvency Resolution Process (CIRP) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Resolution Professional (RP) filed several applications, including one for exclusion of time due to the COVID-19 lockdown (IA-256/2021). The RP also filed applications for the admission of claims from Operational Creditors (IA-2308/2020 and IA-444/2021). The Committee of Creditors (CoC), consisting solely of Union Bank of India, resolved to withdraw the CIRP (IA-805/2021) after a settlement agreement was reached with the Corporate Debtor, involving a payment of Rs. 64 crores. The sole CoC member also ratified the CIRP costs and ensured their payment. The Corporate Debtor entered into an OTS (One Time Settlement) agreement
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