The case involves an application (I.A. 2125/2021) filed by the Interim Resolution Professional (IRP) under Section 12A of the Insolvency and Bankruptcy Code (IBC) to withdraw the main Company Petition (4443/2019). This withdrawal is sought due to a settlement reached between the Financial Creditor and the Corporate Debtor, with consent terms entered on 17.09.2021.
Radha Madhav Investments Pvt. Ltd. initiated a Corporate Insolvency Resolution Process (CIRP) against VGS Realty Construction Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016. The main Company Petition number was 4443/2019. An Interim Resolution Professional (IRP) was appointed. Subsequently, a settlement was reached between Radha Madhav Investments Pvt. Ltd. (Financial Creditor) and VGS Realty Construction Pvt. Ltd. (Corporate Debtor) on 17.09.2021. The IRP filed an application (I.A. 2125/2021) under Section 12A of the IBC to withdraw the CIRP, stating that no claims had been received and no Committee of Creditors (COC) had been constituted. The NCLT, Mumbai Bench, considered the application and the submissions made by the IRP.
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Main Company P…
CIRP admission order…
The case involves an application (I.A. 2125/2021) filed by the Interim Resolution Professional (IRP) under Section 12A of the Insolvency and Bankruptcy Code (IBC) to withdraw the main Company Petition (4443/2019). This withdrawal is sought due to a settlement reached between the Financial Creditor and the Corporate Debtor, with consent terms entered on 17.09.2021.
Radha Madhav Investments Pvt. Ltd. initiated a Corporate Insolvency Resolution Process (CIRP) against VGS Realty Construction Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016. The main Company Petition number was 4443/2019. An Interim Resolution Professional (IRP) was appointed. Subsequently, a settlement was reached between Radha Madhav Investments Pvt. Ltd. (Financial Creditor) and VGS Realty Construction Pvt. Ltd. (Corporate Debtor) on 17.09.2021. The IRP filed an application (I.A. 2125/2021) under Section 12A of the IBC to withdraw the CIRP, stating that no claims had been received and no Committee of Creditors (COC) had been constituted. The NCLT, Mumbai Bench, considered the application and the submissions made by the IRP.
Main Company P…
CIRP admission order…