This case involves a petition filed under Section 12A of the Insolvency and Bankruptcy Code, 2016, read with Regulation 30A of the IBBI Regulations. The applicant sought to withdraw the main petition bearing number CP(16)/331/(AHM)/2022. The Corporate Insolvency Resolution Process (CIRP) had commenced against Akshar Fabrics Pvt Ltd vide order dated 11.09.2023 in Company Petition No. 331 of 2022, filed by Shree Hari Coal Corporation. The applicant was appointed as the Interim Resolution Professional (IRP). A settlement was reached between the applicant and the corporate debtor in the main Company Petition. The IRP confirmed that all fees and expenses had been received.
Shree Hari Coal Corporation initiated Corporate Insolvency Resolution Process (CIRP) against Akshar Fabrics Pvt Ltd by filing Company Petition No. 331 of 2022. The CIRP commenced on 2023-09-11. An Interim Resolution Professional (IRP) was appointed. Subsequently, a settlement was reached between Shree Hari Coal Corporation and Akshar Fabrics Pvt Ltd. The IRP confirmed receipt of all fees and expenses. The Committee of Creditors (CoC) had not been constituted. Shree Hari Coal Corporation then filed an application under Section 12A of the Insolvency and Bankruptcy Code, 2016, seeking to withdraw the CIRP. The key fact is the settlement, which allows for the withdrawal of the petition before the CoC is formed.
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Corporate Insolvency Resolution Process…
Order delivered…
This case involves a petition filed under Section 12A of the Insolvency and Bankruptcy Code, 2016, read with Regulation 30A of the IBBI Regulations. The applicant sought to withdraw the main petition bearing number CP(16)/331/(AHM)/2022. The Corporate Insolvency Resolution Process (CIRP) had commenced against Akshar Fabrics Pvt Ltd vide order dated 11.09.2023 in Company Petition No. 331 of 2022, filed by Shree Hari Coal Corporation. The applicant was appointed as the Interim Resolution Professional (IRP). A settlement was reached between the applicant and the corporate debtor in the main Company Petition. The IRP confirmed that all fees and expenses had been received.
Shree Hari Coal Corporation initiated Corporate Insolvency Resolution Process (CIRP) against Akshar Fabrics Pvt Ltd by filing Company Petition No. 331 of 2022. The CIRP commenced on 2023-09-11. An Interim Resolution Professional (IRP) was appointed. Subsequently, a settlement was reached between Shree Hari Coal Corporation and Akshar Fabrics Pvt Ltd. The IRP confirmed receipt of all fees and expenses. The Committee of Creditors (CoC) had not been constituted. Shree Hari Coal Corporation then filed an application under Section 12A of the Insolvency and Bankruptcy Code, 2016, seeking to withdraw the CIRP. The key fact is the settlement, which allows for the withdrawal of the petition before the CoC is formed.
Corporate Insolvency Resolution Process…
Order delivered…