CIRP was initiated against Virajaa Steel & Power Pvt. Ltd. by Shresth Builders Pvt. Ltd. under Section 7 of the IBC.

Mr. Umesh Chandra Sahoo was appointed as the Interim Resolution Professional (IRP).

An application under Section 12(A) of the IBC was filed seeking withdrawal of the CIRP.

Interveners sought to withdraw their applications as their claims were settled with the Corporate Debtor.

The NCLT allowed the withdrawal application and dismissed the CIRP.

The fixed deposit amount was directed to be released to the Financial Creditor as per the settlement agreement.

Hon'ble NCLAT directed that committee of creditors if not constituted as on date, shall not be constituted till the next date and no further steps be taken in the CIRP.

CIRP was initiated against Virajaa Steel & Power Pvt. Ltd. by Shresth Builders Pvt. Ltd. under Section 7 of the IBC.

Mr. Umesh Chandra Sahoo was appointed as the Interim Resolution Professional (IRP).

An application under Section 12(A) of the IBC was filed seeking withdrawal of the CIRP.

Interveners sought to withdraw their applications as their claims were settled with the Corporate Debtor.

The NCLT allowed the withdrawal application and dismissed the CIRP.

The fixed deposit amount was directed to be released to the Financial Creditor as per the settlement agreement.

Hon'ble NCLAT directed that committee of creditors if not constituted as on date, shall not be constituted till the next date and no further steps be taken in the CIRP.