The Operational Creditor filed an application for withdrawal of the main application (IBA/473/2019) because the Corporate Debtor had provided post-dated cheques for compromise, dated 2019-10-10. The Hon'ble Supreme Court has issued guidelines in the case of Swiss Ribbons Pvt. Limited & Another vs. Union of India & Others (2019 SCC OnLine SC 73), allowing the Petitioner Creditor to withdraw the company petition (IBA) if the Corporate Debtor paid the claim amount or settled the dispute before the constitution of the Committee of Creditors (CoC). The Interim Resolution Professional (IRP) stated that the CoC has not yet been constituted.
Netcon Technologies Pvt Ltd initiated insolvency proceedings against Truefix Media Transformation Pvt Ltd under the IBC. The Operational Creditor, Netcon Technologies Pvt Ltd, filed an application to withdraw the main application (IBA/473/2019) on the grounds that Truefix Media Transformation Pvt Ltd had provided post-dated cheques towards a compromise dated 2019-10-10. The Interim Resolution Professional (IRP) stated that the Committee of Creditors (CoC) had not yet been constituted. The IRP had incurred paper publication charges and had not been paid his fee. The application for withdrawal was MA/1087/2019.
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Corporate Debtor…
Court allowed…
The Operational Creditor filed an application for withdrawal of the main application (IBA/473/2019) because the Corporate Debtor had provided post-dated cheques for compromise, dated 2019-10-10. The Hon'ble Supreme Court has issued guidelines in the case of Swiss Ribbons Pvt. Limited & Another vs. Union of India & Others (2019 SCC OnLine SC 73), allowing the Petitioner Creditor to withdraw the company petition (IBA) if the Corporate Debtor paid the claim amount or settled the dispute before the constitution of the Committee of Creditors (CoC). The Interim Resolution Professional (IRP) stated that the CoC has not yet been constituted.
Netcon Technologies Pvt Ltd initiated insolvency proceedings against Truefix Media Transformation Pvt Ltd under the IBC. The Operational Creditor, Netcon Technologies Pvt Ltd, filed an application to withdraw the main application (IBA/473/2019) on the grounds that Truefix Media Transformation Pvt Ltd had provided post-dated cheques towards a compromise dated 2019-10-10. The Interim Resolution Professional (IRP) stated that the Committee of Creditors (CoC) had not yet been constituted. The IRP had incurred paper publication charges and had not been paid his fee. The application for withdrawal was MA/1087/2019.
Corporate Debtor…
Court allowed…