The application was filed by the Resolution Professional (RP) stating that the matter has been settled, and the Committee of Creditors (CoC) has voted 100% in favor of the resolution, approving the withdrawal of the petition. The court considered that 10% of the total settled amount has been deposited in the form of a bank guarantee. The Corporate Insolvency Resolution Process (CIRP) costs have also been paid, as stated by the Learned Counsel for the RP. The application IA No. 5820/ND/2021 was filed in this context.
The Resolution Professional (RP) filed an application stating that the matter had been settled. The Committee of Creditors (CoC) voted 100% in favor of the resolution, approving the withdrawal of the petition. 10% of the total settled amount was deposited in the form of a bank guarantee. The Corporate Insolvency Resolution Process (CIRP) costs were paid. The Learned Counsel for the RP made a statement regarding these facts. The application in question was IA No. 5820/ND/2021. These facts are relevant because they demonstrate compliance with the conditions for withdrawal under Section 12-A of the Insolvency and Bankruptcy Code (IBC).
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Order delivered on 23.12.2021, allowing IA…
The application was filed by the Resolution Professional (RP) stating that the matter has been settled, and the Committee of Creditors (CoC) has voted 100% in favor of the resolution, approving the withdrawal of the petition. The court considered that 10% of the total settled amount has been deposited in the form of a bank guarantee. The Corporate Insolvency Resolution Process (CIRP) costs have also been paid, as stated by the Learned Counsel for the RP. The application IA No. 5820/ND/2021 was filed in this context.
The Resolution Professional (RP) filed an application stating that the matter had been settled. The Committee of Creditors (CoC) voted 100% in favor of the resolution, approving the withdrawal of the petition. 10% of the total settled amount was deposited in the form of a bank guarantee. The Corporate Insolvency Resolution Process (CIRP) costs were paid. The Learned Counsel for the RP made a statement regarding these facts. The application in question was IA No. 5820/ND/2021. These facts are relevant because they demonstrate compliance with the conditions for withdrawal under Section 12-A of the Insolvency and Bankruptcy Code (IBC).
Order delivered on 23.12.2021, allowing IA…