The case involves an application (IA-5521/2021) filed under Rule 11 of the NCLT Rules, seeking withdrawal of the main Company petition based on a settlement between the parties. The main IB Petition had already been admitted, and CIRP was initiated against the Corporate Debtor. The applicant filed the application jointly with the Operational Creditor and the Corporate Debtor. The applicant argued that the application is maintainable under Rule 11 and that the IRP has been claiming exorbitant fees. The applicant also claimed that the IRP was informed of the settlement but still constituted the CoC in a hurried manner.
M/s. Propertree Real Estate Solution Pvt. Ltd. filed an application seeking to withdraw the main company petition based on a settlement with M/s. Unibera Developers Pvt. Ltd. The main IB Petition had already been admitted, and CIRP was initiated against the Corporate Debtor. The applicant claimed that the IRP was informed of the settlement but still constituted the CoC in a hurried manner and was charging exorbitant fees. The court observed that the application was not moved under Regulation 30A of CIRP Regulation, 2016, and the applicant did not obtain consent from the CoC or follow the procedure under Regulation 30A. The IRP claimed to have received more than 150 claims and constituted the CoC in accordance with the law. The court questioned the IRP's decision to
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CIRP against the…
Order delive…
The case involves an application (IA-5521/2021) filed under Rule 11 of the NCLT Rules, seeking withdrawal of the main Company petition based on a settlement between the parties. The main IB Petition had already been admitted, and CIRP was initiated against the Corporate Debtor. The applicant filed the application jointly with the Operational Creditor and the Corporate Debtor. The applicant argued that the application is maintainable under Rule 11 and that the IRP has been claiming exorbitant fees. The applicant also claimed that the IRP was informed of the settlement but still constituted the CoC in a hurried manner.
M/s. Propertree Real Estate Solution Pvt. Ltd. filed an application seeking to withdraw the main company petition based on a settlement with M/s. Unibera Developers Pvt. Ltd. The main IB Petition had already been admitted, and CIRP was initiated against the Corporate Debtor. The applicant claimed that the IRP was informed of the settlement but still constituted the CoC in a hurried manner and was charging exorbitant fees. The court observed that the application was not moved under Regulation 30A of CIRP Regulation, 2016, and the applicant did not obtain consent from the CoC or follow the procedure under Regulation 30A. The IRP claimed to have received more than 150 claims and constituted the CoC in accordance with the law. The court questioned the IRP's decision to
…CIRP against the…
Order delive…