The case involves an application for withdrawal of a Corporate Insolvency Resolution Process (CIRP) initiated under Section 12A of the Insolvency and Bankruptcy Code (IBC). The CIRP was initiated against BLS Polymers Ltd. The application for withdrawal was filed based on a settlement reached between the parties after the admission of the CIRP but before the constitution of the Committee of Creditors (COC).
The Corporate Insolvency Resolution Process (CIRP) was initiated against BLS Polymers Ltd, with the case registered as CP(IB) No.166/NCLT/AHM/2018. The CIRP was admitted on December 20, 2019, and Mr. Umesh H. Ved was appointed as the Interim Resolution Professional (IRP). A public announcement was made on January 2, 2020. Subsequently, on January 4, 2020, the parties reached a mutual settlement. The Operational Creditor filed an application under Section 12A r.w 30A of the Insolvency and Bankruptcy Code (IBC) for withdrawal of the CIRP. The Operational Creditor confirmed receiving the due amount from the Respondent. The Committee of Creditors (COC) had not yet been constituted. The application for withdrawal was filed through the IRP, with a duly executed Form-FA.
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CP(IB) No.166/NCLT/AHM/2…
The Corporate…
The case involves an application for withdrawal of a Corporate Insolvency Resolution Process (CIRP) initiated under Section 12A of the Insolvency and Bankruptcy Code (IBC). The CIRP was initiated against BLS Polymers Ltd. The application for withdrawal was filed based on a settlement reached between the parties after the admission of the CIRP but before the constitution of the Committee of Creditors (COC).
The Corporate Insolvency Resolution Process (CIRP) was initiated against BLS Polymers Ltd, with the case registered as CP(IB) No.166/NCLT/AHM/2018. The CIRP was admitted on December 20, 2019, and Mr. Umesh H. Ved was appointed as the Interim Resolution Professional (IRP). A public announcement was made on January 2, 2020. Subsequently, on January 4, 2020, the parties reached a mutual settlement. The Operational Creditor filed an application under Section 12A r.w 30A of the Insolvency and Bankruptcy Code (IBC) for withdrawal of the CIRP. The Operational Creditor confirmed receiving the due amount from the Respondent. The Committee of Creditors (COC) had not yet been constituted. The application for withdrawal was filed through the IRP, with a duly executed Form-FA.
CP(IB) No.166/NCLT/AHM/2…
The Corporate…