The case pertains to a petition filed under Section 10 of the Insolvency and Bankruptcy Code (IBC) by Yash Automotive Pvt. Ltd. The Resolution Professional (RP), Debashis Nanda, appeared before the National Company Law Tribunal (NCLT), Allahabad Bench, pursuant to an earlier order dated 03.10.2019. The RP stated that an affidavit was filed to address discrepancies in the petition. The RP argued for the withdrawal of the petition, citing a 100% approval from the Committee of Creditors (CoC) for the withdrawal resolution, as per Rule 12A read with Regulation 30A of the IBC.
Yash Automotive Pvt. Ltd. filed a petition under Section 10 of the IBC. Debashis Nanda, the Resolution Professional (RP), appeared before the NCLT Allahabad Bench. The RP filed an affidavit to clarify discrepancies in the petition. The RP argued that the petition should be withdrawn because the Committee of Creditors (CoC) approved a withdrawal resolution with 100% consent. This withdrawal was argued to be in accordance with Rule 12A read with Regulation 30A of the IBC. Annexure 9, a letter from Director Sanjay Kumar dated 30.08.2019, was presented, indicating an undertaking to deposit the CIRP amount. The court considered these submissions and the relevant provisions of law.
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The case pertains to a petition filed under Section 10 of the Insolvency and Bankruptcy Code (IBC) by Yash Automotive Pvt. Ltd. The Resolution Professional (RP), Debashis Nanda, appeared before the National Company Law Tribunal (NCLT), Allahabad Bench, pursuant to an earlier order dated 03.10.2019. The RP stated that an affidavit was filed to address discrepancies in the petition. The RP argued for the withdrawal of the petition, citing a 100% approval from the Committee of Creditors (CoC) for the withdrawal resolution, as per Rule 12A read with Regulation 30A of the IBC.
Yash Automotive Pvt. Ltd. filed a petition under Section 10 of the IBC. Debashis Nanda, the Resolution Professional (RP), appeared before the NCLT Allahabad Bench. The RP filed an affidavit to clarify discrepancies in the petition. The RP argued that the petition should be withdrawn because the Committee of Creditors (CoC) approved a withdrawal resolution with 100% consent. This withdrawal was argued to be in accordance with Rule 12A read with Regulation 30A of the IBC. Annexure 9, a letter from Director Sanjay Kumar dated 30.08.2019, was presented, indicating an undertaking to deposit the CIRP amount. The court considered these submissions and the relevant provisions of law.
The court issued an…
Director Sanjay Kumar provided a letter…
Sign in to view related legal provisions.