The case involves an application (IA No. 262/2021) filed in CP No.(IB)63/ALD/2019 under Section 12A of the Insolvency and Bankruptcy Code (IBC) seeking withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against the Corporate Debtor. The CIRP was triggered by an order dated 29.07.2021. The applicant contends that the withdrawal application is based on reasons detailed in para no.3 of the application, specifically that the Committee of Creditors (CoC) has not been constituted and no claims have been received.
An application, IA No. 262/2021, was filed in CP No.(IB)63/ALD/2019 under Section 12A of the IBC, seeking withdrawal of the CIRP initiated against the Corporate Debtor. The CIRP was triggered by a Tribunal order dated 2021-07-29. The applicant argued that the CoC had not been constituted, and no claims had been received. This is relevant because Section 12A allows withdrawal under certain conditions, often involving the consent of a certain percentage of creditors. The absence of a CoC and claims suggests the CIRP is at a very early stage, potentially justifying withdrawal.
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Tribunal passed an…
Hearing of IA No.…
The case involves an application (IA No. 262/2021) filed in CP No.(IB)63/ALD/2019 under Section 12A of the Insolvency and Bankruptcy Code (IBC) seeking withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against the Corporate Debtor. The CIRP was triggered by an order dated 29.07.2021. The applicant contends that the withdrawal application is based on reasons detailed in para no.3 of the application, specifically that the Committee of Creditors (CoC) has not been constituted and no claims have been received.
An application, IA No. 262/2021, was filed in CP No.(IB)63/ALD/2019 under Section 12A of the IBC, seeking withdrawal of the CIRP initiated against the Corporate Debtor. The CIRP was triggered by a Tribunal order dated 2021-07-29. The applicant argued that the CoC had not been constituted, and no claims had been received. This is relevant because Section 12A allows withdrawal under certain conditions, often involving the consent of a certain percentage of creditors. The absence of a CoC and claims suggests the CIRP is at a very early stage, potentially justifying withdrawal.
Tribunal passed an…
Hearing of IA No.…