The case involves an application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against Ado Additives MFG Private Limited. The CIRP was initiated following an application under Section 9 of the IBC. The Resolution Professional (RP) was appointed, and a Committee of Creditors (CoC) was formed. The Operational Creditor and the Corporate Debtor engaged in settlement talks, leading to a settlement agreement dated January 17, 2025. The CoC approved the settlement and withdrawal of the CIRP application with 91.34% voting share.
The Corporate Debtor, Ado Additives MFG Private Limited, was admitted into CIRP following an application under Section 9 of the IBC. The Resolution Professional was appointed on July 20, 2024. A Committee of Creditors (CoC) was constituted, with Indian Bank holding 91.34% of the voting share and Mr. Aryan Kumar holding 8.66%. The Operational Creditor and the Corporate Debtor engaged in settlement talks and reached a settlement agreement dated January 17, 2025. The Corporate Debtor agreed to pay USD 168,000 to the Operational Creditor in installments. The first installment of USD 42,000 was to be paid by February 15, 2025. The CoC approved the settlement and the withdrawal of the CIRP application with 91.34% voting share. The Operational Creditor provided Form FA to the
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The case involves an application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against Ado Additives MFG Private Limited. The CIRP was initiated following an application under Section 9 of the IBC. The Resolution Professional (RP) was appointed, and a Committee of Creditors (CoC) was formed. The Operational Creditor and the Corporate Debtor engaged in settlement talks, leading to a settlement agreement dated January 17, 2025. The CoC approved the settlement and withdrawal of the CIRP application with 91.34% voting share.
The Corporate Debtor, Ado Additives MFG Private Limited, was admitted into CIRP following an application under Section 9 of the IBC. The Resolution Professional was appointed on July 20, 2024. A Committee of Creditors (CoC) was constituted, with Indian Bank holding 91.34% of the voting share and Mr. Aryan Kumar holding 8.66%. The Operational Creditor and the Corporate Debtor engaged in settlement talks and reached a settlement agreement dated January 17, 2025. The Corporate Debtor agreed to pay USD 168,000 to the Operational Creditor in installments. The first installment of USD 42,000 was to be paid by February 15, 2025. The CoC approved the settlement and the withdrawal of the CIRP application with 91.34% voting share. The Operational Creditor provided Form FA to the
…The Tribunal passed an…
The Resol…