The case involves a petition filed under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, by Adroit Financial Services against Sri Yadadri Life Sciences Private Limited, which was admitted by the NCLT on 06.01.2020, initiating the Corporate Insolvency Resolution Process (CIRP). Subsequently, the parties reached a settlement agreement dated 29.01.2020, leading to an application for withdrawal of the petition under Section 12A of the IBC.
Adroit Financial Services filed a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, against Sri Yadadri Life Sciences Private Limited. The petition was admitted on 06.01.2020, initiating the Corporate Insolvency Resolution Process (CIRP). An Interim Resolution Professional (IRP) was appointed. Subsequently, the parties entered into a settlement agreement on 29.01.2020. The IRP then filed an application under Section 12A of the IBC, seeking to withdraw the petition based on the settlement. The Corporate Debtor agreed to pay the IRP's expenses. The Committee of Creditors had not yet been constituted. The application for withdrawal was supported by Form FA, as required under the regulations.
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The Tribunal admitted the petition filed…
The parties entered…
The case involves a petition filed under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, by Adroit Financial Services against Sri Yadadri Life Sciences Private Limited, which was admitted by the NCLT on 06.01.2020, initiating the Corporate Insolvency Resolution Process (CIRP). Subsequently, the parties reached a settlement agreement dated 29.01.2020, leading to an application for withdrawal of the petition under Section 12A of the IBC.
Adroit Financial Services filed a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, against Sri Yadadri Life Sciences Private Limited. The petition was admitted on 06.01.2020, initiating the Corporate Insolvency Resolution Process (CIRP). An Interim Resolution Professional (IRP) was appointed. Subsequently, the parties entered into a settlement agreement on 29.01.2020. The IRP then filed an application under Section 12A of the IBC, seeking to withdraw the petition based on the settlement. The Corporate Debtor agreed to pay the IRP's expenses. The Committee of Creditors had not yet been constituted. The application for withdrawal was supported by Form FA, as required under the regulations.
The Tribunal admitted the petition filed…
The parties entered…