The case involves an application under Section 12A of the Insolvency and Bankruptcy Code (IBC) read with regulation 30A(1)(a) of the Corporate Insolvency Resolution Process (CIRP) regulations for the closure of the CIRP initiated against Aanchal Cement Ltd. The application was filed prior to the constitution of the Committee of Creditors (CoC) and is based on a settlement between the Members of Suspended Board and the petitioning Operational Creditor. The CIRP was initiated vide order dated 18.05.2022.
An application was filed under Section 12A of the IBC for the closure of the CIRP initiated against Aanchal Cement Ltd. The CIRP was initiated on 18.05.2022. The application for closure was filed before the constitution of the Committee of Creditors (CoC). The basis for the application was a settlement agreement dated 31.05.2022 between the Members of Suspended Board and the petitioning Operational Creditor. The IRP stated that there were two other claims against the Corporate Debtor. The settlement agreement envisages future payments up to 10.05.2024. The court considered the Supreme Court's judgment in Swiss Ribbons Private Limited vs. Union of India, which allows parties to approach the NCLT directly for withdrawal or settlement before the CoC is constituted.
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CIRP initiated against…
Public Notice issued,…
The case involves an application under Section 12A of the Insolvency and Bankruptcy Code (IBC) read with regulation 30A(1)(a) of the Corporate Insolvency Resolution Process (CIRP) regulations for the closure of the CIRP initiated against Aanchal Cement Ltd. The application was filed prior to the constitution of the Committee of Creditors (CoC) and is based on a settlement between the Members of Suspended Board and the petitioning Operational Creditor. The CIRP was initiated vide order dated 18.05.2022.
An application was filed under Section 12A of the IBC for the closure of the CIRP initiated against Aanchal Cement Ltd. The CIRP was initiated on 18.05.2022. The application for closure was filed before the constitution of the Committee of Creditors (CoC). The basis for the application was a settlement agreement dated 31.05.2022 between the Members of Suspended Board and the petitioning Operational Creditor. The IRP stated that there were two other claims against the Corporate Debtor. The settlement agreement envisages future payments up to 10.05.2024. The court considered the Supreme Court's judgment in Swiss Ribbons Private Limited vs. Union of India, which allows parties to approach the NCLT directly for withdrawal or settlement before the CoC is constituted.
CIRP initiated against…
Public Notice issued,…