The case involves an application filed in TCP/527/IB/17 seeking to recall the order dated 23.04.2018 based on a memorandum of compromise. The Corporate Insolvency Resolution (CIR) process was initiated against the Corporate Debtor, and an Interim Resolution Professional (IRP) was appointed. A public announcement was made, and claims were received. The first meeting of the Committee of Creditors (CoC) was convened. Settlement was reached between the Operational Creditor and the Corporate Debtor.
On 23.04.2018, the CIR process was initiated against the Corporate Debtor, M/s. Sri Renga Creative Apparels India Pvt Ltd, based on an application by the Operational Creditor, Aruppukottai Sri Jeyavel Limited. An IRP was appointed, and a moratorium was declared. A public announcement was made on 27.04.2018, with the process set to expire on 18.05.2018. Two claims were received, one from the Operational Creditor and another from Corporation Bank. A settlement was reached between the Operational Creditor and the Corporate Debtor. Corporation Bank had no objection to the withdrawal of the CIR process because the Corporate Debtor's account was a 'standard account'. The Operational Creditor then filed an application for withdrawal of the CIR process.
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CIR process initiated against the Corporate…
The order dated…
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The case involves an application filed in TCP/527/IB/17 seeking to recall the order dated 23.04.2018 based on a memorandum of compromise. The Corporate Insolvency Resolution (CIR) process was initiated against the Corporate Debtor, and an Interim Resolution Professional (IRP) was appointed. A public announcement was made, and claims were received. The first meeting of the Committee of Creditors (CoC) was convened. Settlement was reached between the Operational Creditor and the Corporate Debtor.
On 23.04.2018, the CIR process was initiated against the Corporate Debtor, M/s. Sri Renga Creative Apparels India Pvt Ltd, based on an application by the Operational Creditor, Aruppukottai Sri Jeyavel Limited. An IRP was appointed, and a moratorium was declared. A public announcement was made on 27.04.2018, with the process set to expire on 18.05.2018. Two claims were received, one from the Operational Creditor and another from Corporation Bank. A settlement was reached between the Operational Creditor and the Corporate Debtor. Corporation Bank had no objection to the withdrawal of the CIR process because the Corporate Debtor's account was a 'standard account'. The Operational Creditor then filed an application for withdrawal of the CIR process.
CIR process initiated against the Corporate…
The order dated…
Sign in to view related legal provisions.