The case involves an application for withdrawal of a Company Petition admitted under Section 7 of the Insolvency and Bankruptcy Code (IBC). The petition was initially admitted on 2018-07-16. The Resolution Professional (RP) filed the application under Section 12A of the IBC, read with Regulation 30A of the IBBI (CIRP) Regulations. The RP received Expression of Interest from 9 investors, but no resolution plan was received. UCO Bank provided a bank guarantee of Rs. 64,22,500/- for unpaid insolvency process costs. The Committee of Creditors (COC) approved the withdrawal with 92.01% voting share.
SREI Infrastructure Finance Ltd. initiated corporate insolvency resolution process (CIRP) against Sterling SEZ & Infrastructure Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016. The CIRP was admitted on 2018-07-16. Subsequently, an application was filed by the Resolution Professional (RP) under Section 12A of the IBC, seeking withdrawal of the CIRP. The RP received Expression of Interest from 9 investors, but no resolution plan was received. UCO Bank provided a bank guarantee of Rs. 64,22,500/- for unpaid insolvency process costs. The Committee of Creditors (COC) approved the withdrawal with 92.01% voting share. The members of the suspended Board of Directors were not contactable. The RP was appointed as an Interim Administrator of the Corporate Debtor.
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Company Petition…
Order sheet of the…
The case involves an application for withdrawal of a Company Petition admitted under Section 7 of the Insolvency and Bankruptcy Code (IBC). The petition was initially admitted on 2018-07-16. The Resolution Professional (RP) filed the application under Section 12A of the IBC, read with Regulation 30A of the IBBI (CIRP) Regulations. The RP received Expression of Interest from 9 investors, but no resolution plan was received. UCO Bank provided a bank guarantee of Rs. 64,22,500/- for unpaid insolvency process costs. The Committee of Creditors (COC) approved the withdrawal with 92.01% voting share.
SREI Infrastructure Finance Ltd. initiated corporate insolvency resolution process (CIRP) against Sterling SEZ & Infrastructure Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016. The CIRP was admitted on 2018-07-16. Subsequently, an application was filed by the Resolution Professional (RP) under Section 12A of the IBC, seeking withdrawal of the CIRP. The RP received Expression of Interest from 9 investors, but no resolution plan was received. UCO Bank provided a bank guarantee of Rs. 64,22,500/- for unpaid insolvency process costs. The Committee of Creditors (COC) approved the withdrawal with 92.01% voting share. The members of the suspended Board of Directors were not contactable. The RP was appointed as an Interim Administrator of the Corporate Debtor.
Company Petition…
Order sheet of the…