The case involves an application filed under Rule 11 of the NCLT Rules, 2016, seeking the disposal of C.P. No. (IB)-1100(PB)/2018 and the closure of the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor. The Tribunal had previously admitted a company petition and initiated the CIRP in the matter of Noble Buildtech LLP v. UTC Softech Pvt. Ltd. The application is supported by affidavits from both parties. The Supreme Court has established that CIRP can be discontinued based on a settlement between the parties, obviating the need to go before the Committee of Creditors (CoC) as per Section 12A of the Insolvency & Bankruptcy Code.
Noble Buildtech LLP initiated a Corporate Insolvency Resolution Process (CIRP) against UTC Softech Pvt. Ltd. An application was filed under Rule 11 of the NCLT Rules, 2016, to dispose of C.P. No. (IB)-1100(PB)/2018 and close the CIRP. The basis for this application was a settlement between the parties. The Interim Resolution Professional (IRP) had issued a public notice and received 24 claims. The IRP's expenses were settled, with the Corporate Debtor paying Rs. 3,15,000/- after deducting TDS of Rs. 35,000/-. The application was supported by affidavits from both parties. The Tribunal considered the Supreme Court's judgment in Swiss Ribbons Pvt. Ltd. & Anr. v. Union of India & Ors., which allows for the discontinuation of CIRP based on a settlement between the
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The Tribunal admitted company petition No.…
Order dated 17.01.2019 initiating Corporate…
The case involves an application filed under Rule 11 of the NCLT Rules, 2016, seeking the disposal of C.P. No. (IB)-1100(PB)/2018 and the closure of the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor. The Tribunal had previously admitted a company petition and initiated the CIRP in the matter of Noble Buildtech LLP v. UTC Softech Pvt. Ltd. The application is supported by affidavits from both parties. The Supreme Court has established that CIRP can be discontinued based on a settlement between the parties, obviating the need to go before the Committee of Creditors (CoC) as per Section 12A of the Insolvency & Bankruptcy Code.
Noble Buildtech LLP initiated a Corporate Insolvency Resolution Process (CIRP) against UTC Softech Pvt. Ltd. An application was filed under Rule 11 of the NCLT Rules, 2016, to dispose of C.P. No. (IB)-1100(PB)/2018 and close the CIRP. The basis for this application was a settlement between the parties. The Interim Resolution Professional (IRP) had issued a public notice and received 24 claims. The IRP's expenses were settled, with the Corporate Debtor paying Rs. 3,15,000/- after deducting TDS of Rs. 35,000/-. The application was supported by affidavits from both parties. The Tribunal considered the Supreme Court's judgment in Swiss Ribbons Pvt. Ltd. & Anr. v. Union of India & Ors., which allows for the discontinuation of CIRP based on a settlement between the
…The Tribunal admitted company petition No.…
Order dated 17.01.2019 initiating Corporate…