The corporate debtor filed an application under Sections 60(5)(a) and 60(5)(c) of the Insolvency and Bankruptcy Code, 2016, seeking release from the resolution process. The operational creditor had filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, which was admitted on 08.01.2018, leading to the declaration of a moratorium and the appointment of an Interim Resolution Professional (IRP). The matter was taken up because the operational creditor settled with the corporate debtor and no other claims were received.
Kamal Chemicals, an operational creditor, initiated insolvency proceedings against T.C. Terrytex Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The petition was admitted on 08.01.2018, leading to a moratorium and the appointment of Sanjay Kumar Aggarwal as the Interim Resolution Professional (IRP). Subsequently, the corporate debtor filed an application under Sections 60(5)(a) and 60(5)(c) of the IBC seeking release from the resolution process, stating that the matter with the operational creditor had been settled. The IRP submitted reports and stated that no other claims were received. The operational creditor confirmed that their claim had been fully satisfied, including reimbursement of the IRP's fees. Financial creditors
…Sign in to view the parties.
The petition under Section 9 of the Insolvency…
The Interim Resolution Professional filed the…
The corporate debtor filed an application under Sections 60(5)(a) and 60(5)(c) of the Insolvency and Bankruptcy Code, 2016, seeking release from the resolution process. The operational creditor had filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, which was admitted on 08.01.2018, leading to the declaration of a moratorium and the appointment of an Interim Resolution Professional (IRP). The matter was taken up because the operational creditor settled with the corporate debtor and no other claims were received.
Kamal Chemicals, an operational creditor, initiated insolvency proceedings against T.C. Terrytex Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The petition was admitted on 08.01.2018, leading to a moratorium and the appointment of Sanjay Kumar Aggarwal as the Interim Resolution Professional (IRP). Subsequently, the corporate debtor filed an application under Sections 60(5)(a) and 60(5)(c) of the IBC seeking release from the resolution process, stating that the matter with the operational creditor had been settled. The IRP submitted reports and stated that no other claims were received. The operational creditor confirmed that their claim had been fully satisfied, including reimbursement of the IRP's fees. Financial creditors
…The petition under Section 9 of the Insolvency…
The Interim Resolution Professional filed the…