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. This withdrawal is based on a settlement reached between the Financial Creditor, Small Industries Development Bank of India, and the Corporate Debtor, Adkure Technologies Pvt. Ltd. The financial creditor, holding 100% voting rights in the Committee of Creditors (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 (SIDBI), the sole financial creditor with 100% voting power in the Committee of Creditors (CoC), initiated Corporate Insolvency Resolution Process (CIRP) against Adkure Technologies Pvt. Ltd. A One Time Settlement (OTS) proposal was made by Adkure Technologies Pvt. Ltd. on 2022-06-20 for Rs. 13.90 crores against the total admitted dues of Rs. 14.58 crores. The IRP, Ms. Poonam Basak, filed an application (IA 2549/2022) under Section 12A r.w. Regulation 30A seeking withdrawal of the main Company Petition No. 1201/2020. SIDBI also submitted Form-FA dated 2022-07-04 for withdrawal of CIRP. All expenses incurred by the IRP, including professional fees, were paid. The CIRP order was initially passed on 2021-01-21.
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Company Petit…
CIRP order was…
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. This withdrawal is based on a settlement reached between the Financial Creditor, Small Industries Development Bank of India, and the Corporate Debtor, Adkure Technologies Pvt. Ltd. The financial creditor, holding 100% voting rights in the Committee of Creditors (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 (SIDBI), the sole financial creditor with 100% voting power in the Committee of Creditors (CoC), initiated Corporate Insolvency Resolution Process (CIRP) against Adkure Technologies Pvt. Ltd. A One Time Settlement (OTS) proposal was made by Adkure Technologies Pvt. Ltd. on 2022-06-20 for Rs. 13.90 crores against the total admitted dues of Rs. 14.58 crores. The IRP, Ms. Poonam Basak, filed an application (IA 2549/2022) under Section 12A r.w. Regulation 30A seeking withdrawal of the main Company Petition No. 1201/2020. SIDBI also submitted Form-FA dated 2022-07-04 for withdrawal of CIRP. All expenses incurred by the IRP, including professional fees, were paid. The CIRP order was initially passed on 2021-01-21.
Company Petit…
CIRP order was…