This case involves an application filed under Section 12A of the Insolvency and Bankruptcy Code (IBC) by the Resolution Professional seeking withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against the Corporate Debtor under CP No.3917/2019. The Committee of Creditors (CoC) approved the withdrawal in a meeting held on November 7, 2020, after accepting Form FA. The Operational Creditor has entered into consent terms with all the Financial Creditors. The entire cost towards CIRP will be funded from the Corporate Debtor's account.
The Resolution Professional filed an application under Section 12A seeking withdrawal of the CIRP initiated under CP No.3917/2019 against the Corporate Debtor. The CoC, consisting of 5 Financial Creditors with a debt of approximately Rs.21 Crores, approved the withdrawal in a meeting on 07.11.2020 after accepting Form FA. The Operational Creditor entered into consent terms with all Financial Creditors. The application to withdraw the CIRP pleaded that furnishing a bank guarantee may be dispensed with, as the Corporate Debtor's account would fund the entire CIRP cost. The Resolution Professional confirmed that the entire CIRP cost had been paid. Several IAs were filed, including IA No.1311/2020 seeking directions of non-cooperation, IA No.1941/2020 concerning
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CIRP initiated…
The CoC accepted Form…
This case involves an application filed under Section 12A of the Insolvency and Bankruptcy Code (IBC) by the Resolution Professional seeking withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against the Corporate Debtor under CP No.3917/2019. The Committee of Creditors (CoC) approved the withdrawal in a meeting held on November 7, 2020, after accepting Form FA. The Operational Creditor has entered into consent terms with all the Financial Creditors. The entire cost towards CIRP will be funded from the Corporate Debtor's account.
The Resolution Professional filed an application under Section 12A seeking withdrawal of the CIRP initiated under CP No.3917/2019 against the Corporate Debtor. The CoC, consisting of 5 Financial Creditors with a debt of approximately Rs.21 Crores, approved the withdrawal in a meeting on 07.11.2020 after accepting Form FA. The Operational Creditor entered into consent terms with all Financial Creditors. The application to withdraw the CIRP pleaded that furnishing a bank guarantee may be dispensed with, as the Corporate Debtor's account would fund the entire CIRP cost. The Resolution Professional confirmed that the entire CIRP cost had been paid. Several IAs were filed, including IA No.1311/2020 seeking directions of non-cooperation, IA No.1941/2020 concerning
…CIRP initiated…
The CoC accepted Form…