The case involves an application (IA(IBC)/193(CHE)/2023) filed in CP/229/(IB)/2018 under Section 60(5) of the Insolvency & Bankruptcy Code, 2016, seeking to direct the Liquidator (1st Respondent) to file an application for withdrawal of liquidation proceedings against the Corporate Debtor, Shri Veerganapathi Steels (P) Limited, pursuant to a One Time Settlement (OTS).
IA(IBC)/193/2023 was filed seeking to direct the 1st Respondent to file necessary application before the Tribunal for withdrawal of Liquidation proceedings as against the Corporate Debtor pursuant to the OTS.
The Applicant is the erstwhile Promoter Director of Shri Veeraganapathi Steels Pvt. Ltd (Corporate Debtor).
CIRP commenced vide order dated 26.04.2018.
Tribunal vide its order dated 12.04.2019 ordered liquidation of the Corporate Debtor.
The 2nd Respondent had approached the Promoters / Guarantors vide letters dated 07.05.2022 and 12.09.2022 respectively stating that the Promoters / Guarantors of the Corporate Debtor are eligible for OTS under the One Time Settlement Scheme.
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Corporate Insolvency…
Tribunal ordered…
The case involves an application (IA(IBC)/193(CHE)/2023) filed in CP/229/(IB)/2018 under Section 60(5) of the Insolvency & Bankruptcy Code, 2016, seeking to direct the Liquidator (1st Respondent) to file an application for withdrawal of liquidation proceedings against the Corporate Debtor, Shri Veerganapathi Steels (P) Limited, pursuant to a One Time Settlement (OTS).
IA(IBC)/193/2023 was filed seeking to direct the 1st Respondent to file necessary application before the Tribunal for withdrawal of Liquidation proceedings as against the Corporate Debtor pursuant to the OTS.
The Applicant is the erstwhile Promoter Director of Shri Veeraganapathi Steels Pvt. Ltd (Corporate Debtor).
CIRP commenced vide order dated 26.04.2018.
Tribunal vide its order dated 12.04.2019 ordered liquidation of the Corporate Debtor.
The 2nd Respondent had approached the Promoters / Guarantors vide letters dated 07.05.2022 and 12.09.2022 respectively stating that the Promoters / Guarantors of the Corporate Debtor are eligible for OTS under the One Time Settlement Scheme.
…Corporate Insolvency…
Tribunal ordered…