The case involves MA 1421/2018 filed by Federal Bank Ltd, a financial creditor, under Section 12A of the Insolvency and Bankruptcy Code, 2016, seeking permission to withdraw the petition. The bank also reserved its right as a secured creditor to recover the outstanding debt from M/s. Trio Fab (India) Pvt Ltd. The Resolution Professional also filed MA 1379/2018 seeking the same prayer for withdrawal. The CoC minutes dated 6.11.2018 indicated that the Federal Bank's representative consented to the Resolution Professional filing the application in Form FA before the Adjudicating Authority.
Federal Bank Ltd initiated Corporate Insolvency Resolution Process (CIRP) against Trio Fab (India) Pvt Ltd. Federal Bank, being the sole financial creditor, held 100% voting share in the Committee of Creditors (CoC). Subsequently, Federal Bank filed an application (MA 1421/2018) under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to withdraw the CIRP petition. This withdrawal request was supported by a resolution passed by the CoC with a 100% voting share. The Resolution Professional (RP) also filed a separate application (MA 1379/2018) for withdrawal. The CIRP had commenced on 18.5.2018. The bank also wanted to reserve its right to initiate legal action for recovery of the outstanding debt. The CIRP expenses amounted to Rs.16,58,747.
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Order sheet of the…
CoC minutes dated 6.11.2018 wherein it is stated…
The case involves MA 1421/2018 filed by Federal Bank Ltd, a financial creditor, under Section 12A of the Insolvency and Bankruptcy Code, 2016, seeking permission to withdraw the petition. The bank also reserved its right as a secured creditor to recover the outstanding debt from M/s. Trio Fab (India) Pvt Ltd. The Resolution Professional also filed MA 1379/2018 seeking the same prayer for withdrawal. The CoC minutes dated 6.11.2018 indicated that the Federal Bank's representative consented to the Resolution Professional filing the application in Form FA before the Adjudicating Authority.
Federal Bank Ltd initiated Corporate Insolvency Resolution Process (CIRP) against Trio Fab (India) Pvt Ltd. Federal Bank, being the sole financial creditor, held 100% voting share in the Committee of Creditors (CoC). Subsequently, Federal Bank filed an application (MA 1421/2018) under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to withdraw the CIRP petition. This withdrawal request was supported by a resolution passed by the CoC with a 100% voting share. The Resolution Professional (RP) also filed a separate application (MA 1379/2018) for withdrawal. The CIRP had commenced on 18.5.2018. The bank also wanted to reserve its right to initiate legal action for recovery of the outstanding debt. The CIRP expenses amounted to Rs.16,58,747.
Order sheet of the…
CoC minutes dated 6.11.2018 wherein it is stated…