The case involves an application filed under Section 12A of the Insolvency and Bankruptcy Code, 2016, seeking the withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against M/s. ALBA Industries Limited. The CIRP was initially triggered by an application filed by the Financial Creditor, The Federal Bank Limited, under Section 7 of the IBC, 2016. The Tribunal admitted the petition and initiated CIRP on 2021-04-27, appointing an Interim Resolution Professional (IRP).
The Financial Creditor, The Federal Bank Limited, initiated CIRP against the Corporate Debtor, M/s. ALBA Industries Limited, under Section 7 of the IBC, 2016. The CIRP was initiated on 2021-04-27. The Federal Bank Limited submitted a claim of Rs. 22,46,44,843. Subsequently, IndusInd Bank Limited submitted a claim of Rs. 23,19,55,602. The CoC was constituted, and the IRP was appointed as the RP. An invitation for Expression of Interest (Eol) was published, but no expression was received. The CoC decided not to issue Eol for the second time due to ongoing settlement talks. A Memorandum of Compromise was entered into on 2022-11-13, with extracts executed on 2022-01-13. The settlement involved the Corporate Debtor paying amounts to the Financial Creditors. The suspended
…Sign in to view the parties.
CIRP initiated against the Corporate Debtor,…
Memorandum of Settlement executed between…
The case involves an application filed under Section 12A of the Insolvency and Bankruptcy Code, 2016, seeking the withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against M/s. ALBA Industries Limited. The CIRP was initially triggered by an application filed by the Financial Creditor, The Federal Bank Limited, under Section 7 of the IBC, 2016. The Tribunal admitted the petition and initiated CIRP on 2021-04-27, appointing an Interim Resolution Professional (IRP).
The Financial Creditor, The Federal Bank Limited, initiated CIRP against the Corporate Debtor, M/s. ALBA Industries Limited, under Section 7 of the IBC, 2016. The CIRP was initiated on 2021-04-27. The Federal Bank Limited submitted a claim of Rs. 22,46,44,843. Subsequently, IndusInd Bank Limited submitted a claim of Rs. 23,19,55,602. The CoC was constituted, and the IRP was appointed as the RP. An invitation for Expression of Interest (Eol) was published, but no expression was received. The CoC decided not to issue Eol for the second time due to ongoing settlement talks. A Memorandum of Compromise was entered into on 2022-11-13, with extracts executed on 2022-01-13. The settlement involved the Corporate Debtor paying amounts to the Financial Creditors. The suspended
…CIRP initiated against the Corporate Debtor,…
Memorandum of Settlement executed between…