The case involves an application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against U.P. State Spinning Company Ltd. The applicant, initially appointed as Interim Resolution Professional and later as Resolution Professional, initiated the CIRP. During the CIRP, an Expression of Interest was invited but no responses were received. The Respondent requested a settlement with the sole Financial Creditor, Union Bank of India, which held 100% voting shares in the Committee of Creditors (CoC). A settlement was reached, and the Financial Creditor agreed to withdraw the CIRP. The matter was placed before the CoC, which approved the withdrawal with a 100% voting share. A formal application for withdrawal was filed, along with a bank guarantee.
The Union Bank of India initiated CIRP against U.P. State Spinning Company Ltd. An Interim Resolution Professional was appointed on 2019-10-22, and later became the Resolution Professional. During the CIRP, no Expression of Interest was received. The Corporate Debtor requested a settlement with the Union Bank of India, the sole Financial Creditor holding 100% voting shares in the CoC. A settlement was reached where the Financial Creditor received Rs. 4,44,76,386/- out of an admitted claim of Rs. 4,96,04,846/-. The CoC approved the withdrawal of CIRP with 100% voting share on 2020-02-03. A formal application for withdrawal was filed on 2020-02-28, along with a bank guarantee of Rs. 20.00 Lac. The Respondent had previously filed a Company Appeal (AT) before the NCLAT,
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The applicant was…
The applicant was…
The case involves an application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against U.P. State Spinning Company Ltd. The applicant, initially appointed as Interim Resolution Professional and later as Resolution Professional, initiated the CIRP. During the CIRP, an Expression of Interest was invited but no responses were received. The Respondent requested a settlement with the sole Financial Creditor, Union Bank of India, which held 100% voting shares in the Committee of Creditors (CoC). A settlement was reached, and the Financial Creditor agreed to withdraw the CIRP. The matter was placed before the CoC, which approved the withdrawal with a 100% voting share. A formal application for withdrawal was filed, along with a bank guarantee.
The Union Bank of India initiated CIRP against U.P. State Spinning Company Ltd. An Interim Resolution Professional was appointed on 2019-10-22, and later became the Resolution Professional. During the CIRP, no Expression of Interest was received. The Corporate Debtor requested a settlement with the Union Bank of India, the sole Financial Creditor holding 100% voting shares in the CoC. A settlement was reached where the Financial Creditor received Rs. 4,44,76,386/- out of an admitted claim of Rs. 4,96,04,846/-. The CoC approved the withdrawal of CIRP with 100% voting share on 2020-02-03. A formal application for withdrawal was filed on 2020-02-28, along with a bank guarantee of Rs. 20.00 Lac. The Respondent had previously filed a Company Appeal (AT) before the NCLAT,
…The applicant was…
The applicant was…