The case involves an application filed by Waaman Products Pvt. Ltd. under Section 60(5) of the IBC, read with Rule 11 of the NCLT Rules, 2016, seeking to withdraw the Section 9 application previously filed by Rexsona Tiles Pvt. Ltd. for initiating Corporate Insolvency Resolution Process against Waaman Products Pvt. Ltd. due to a default in payment.
Rexsona Tiles Pvt. Ltd. filed a Section 9 petition under the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Waaman Products Pvt. Ltd. The petition was filed due to Waaman Products Pvt. Ltd.'s default in paying a principal amount of Rs. 4,36,912/-. The National Company Law Tribunal (NCLT) heard the arguments and, by an order dated August 17, 2022, allowed the Company Petition No. 1047 of 2020, appointing Mr. Ramkripal Sharma as the Interim Resolution Professional.
The Tribunal allowed the Section 9 petition…
The applicant and respondent resolved their…
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The case involves an application filed by Waaman Products Pvt. Ltd. under Section 60(5) of the IBC, read with Rule 11 of the NCLT Rules, 2016, seeking to withdraw the Section 9 application previously filed by Rexsona Tiles Pvt. Ltd. for initiating Corporate Insolvency Resolution Process against Waaman Products Pvt. Ltd. due to a default in payment.
Rexsona Tiles Pvt. Ltd. filed a Section 9 petition under the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Waaman Products Pvt. Ltd. The petition was filed due to Waaman Products Pvt. Ltd.'s default in paying a principal amount of Rs. 4,36,912/-. The National Company Law Tribunal (NCLT) heard the arguments and, by an order dated August 17, 2022, allowed the Company Petition No. 1047 of 2020, appointing Mr. Ramkripal Sharma as the Interim Resolution Professional.
The Tribunal allowed the Section 9 petition…
The applicant and respondent resolved their…
Sign in to view related legal provisions.