The case involves an application (IA 261/KB/2021) filed by the Resolution Professional (RP) seeking leave to withdraw the underlying Company Petition. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor vide order dated 26.09.2019. A public announcement was made by the Interim Resolution Professional (IRP) on 11.10.2019, and the Committee of Creditors (CoC) was constituted on 26.12.2019. The IRP was confirmed as the RP on 04.02.2020. On 19.02.2021, at the 4th meeting of the CoC, the applicant was authorized to file an application for the withdrawal of the underlying Company Petition. The resolution was passed with 100% voting.
The CIRP was initiated against the Corporate Debtor on 2019-09-26. The IRP made a public announcement on 2019-10-11. The CoC was constituted on 2019-12-26. The IRP was confirmed as RP on 2020-02-04. The CoC authorized the RP to file an application for withdrawal of the Company Petition in its meeting on 2021-02-19, with a 100% vote in favor. The RP filed IA 261/KB/2021 seeking leave to withdraw the underlying Company Petition. The RP confirmed that all CIRP costs and fees had been paid in full and that there were no other dues by any other creditor of the company. This confirmation of full payment of dues and the unanimous decision of the CoC to withdraw the petition are key facts that influenced the Adjudicating Authority's decision.
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CIRP initiated…
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The case involves an application (IA 261/KB/2021) filed by the Resolution Professional (RP) seeking leave to withdraw the underlying Company Petition. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor vide order dated 26.09.2019. A public announcement was made by the Interim Resolution Professional (IRP) on 11.10.2019, and the Committee of Creditors (CoC) was constituted on 26.12.2019. The IRP was confirmed as the RP on 04.02.2020. On 19.02.2021, at the 4th meeting of the CoC, the applicant was authorized to file an application for the withdrawal of the underlying Company Petition. The resolution was passed with 100% voting.
The CIRP was initiated against the Corporate Debtor on 2019-09-26. The IRP made a public announcement on 2019-10-11. The CoC was constituted on 2019-12-26. The IRP was confirmed as RP on 2020-02-04. The CoC authorized the RP to file an application for withdrawal of the Company Petition in its meeting on 2021-02-19, with a 100% vote in favor. The RP filed IA 261/KB/2021 seeking leave to withdraw the underlying Company Petition. The RP confirmed that all CIRP costs and fees had been paid in full and that there were no other dues by any other creditor of the company. This confirmation of full payment of dues and the unanimous decision of the CoC to withdraw the petition are key facts that influenced the Adjudicating Authority's decision.
CIRP initiated…
Public announ…
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