The case involves an application for withdrawal of a Company Petition No. 1201/2020 under Section 12A r.w. Regulation 30A, sought by the IRP, Ms. Poonam Basak. The withdrawal is based on a settlement between the Financial Creditor (Small Industries Development Bank of India) and the Corporate Debtor (Adkure Technologies Pvt. Ltd.). The Financial Creditor, holding 100% voting of the CoC, received a One Time Settlement (OTS) proposal dated 20.06.2022 from the Corporate Debtor for Rs. 13.90 crores against total admitted dues of Rs. 14.58 crores.
The Small Industries Development Bank of India initiated CIRP against Adkure Technologies Pvt. Ltd. A Company Petition (No. 1201/2020) was filed. Subsequently, Adkure Technologies Pvt. Ltd. proposed a One Time Settlement (OTS) to the bank on 2022-06-20, offering Rs. 13.90 crores against admitted dues of Rs. 14.58 crores. The bank, being the sole financial creditor with 100% voting share in the Committee of Creditors (CoC), accepted the OTS. The IRP, Ms. Poonam Basak, then filed an application (IA 2549/2022) to withdraw the Company Petition under Section 12A of the Insolvency and Bankruptcy Code (IBC) read with Regulation 30A. The Financial Creditor submitted Form-FA for withdrawal of CIRP. The NCLT considered the submissions and the settlement agreement, leading to
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The case involves an application for withdrawal of a Company Petition No. 1201/2020 under Section 12A r.w. Regulation 30A, sought by the IRP, Ms. Poonam Basak. The withdrawal is based on a settlement between the Financial Creditor (Small Industries Development Bank of India) and the Corporate Debtor (Adkure Technologies Pvt. Ltd.). The Financial Creditor, holding 100% voting of the CoC, received a One Time Settlement (OTS) proposal dated 20.06.2022 from the Corporate Debtor for Rs. 13.90 crores against total admitted dues of Rs. 14.58 crores.
The Small Industries Development Bank of India initiated CIRP against Adkure Technologies Pvt. Ltd. A Company Petition (No. 1201/2020) was filed. Subsequently, Adkure Technologies Pvt. Ltd. proposed a One Time Settlement (OTS) to the bank on 2022-06-20, offering Rs. 13.90 crores against admitted dues of Rs. 14.58 crores. The bank, being the sole financial creditor with 100% voting share in the Committee of Creditors (CoC), accepted the OTS. The IRP, Ms. Poonam Basak, then filed an application (IA 2549/2022) to withdraw the Company Petition under Section 12A of the Insolvency and Bankruptcy Code (IBC) read with Regulation 30A. The Financial Creditor submitted Form-FA for withdrawal of CIRP. The NCLT considered the submissions and the settlement agreement, leading to
…Company Petit…
CIRP order was…