The case involves an application filed under Section 12(A) of the Insolvency and Bankruptcy Code (IBC) seeking withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against Alliance Embroidery Machine Pvt Ltd. The CIRP was initiated vide order dated 10.04.2024. The Resolution Professional (RP) received Form FA from the original Applicant/Operational Creditor, indicating a settlement. The Committee of Creditors (CoC) approved the withdrawal with 94.37% voting share.
On 10.04.2024, CIRP was initiated against Alliance Embroidery Machine Pvt. Ltd. The applicant was appointed as IRP and later confirmed as RP on 10.05.2024. During the CIRP, the RP received Form FA dated 03.09.2024 from the original Applicant/Operational Creditor, indicating a settlement. A settlement agreement dated 26.07.2024 was also attached. The entire settlement amount was received by the original Applicant/Operational Creditor from the suspended management of the Corporate Debtor. The RP received all CIRP costs and dues. On 09.09.2024, the CoC approved the withdrawal of CIRP with 94.37% voting share. The applicant filed an affidavit on 17.12.2024 regarding signature requirements in China. The settlement was arrived at between the original Applicant/Operational
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The case involves an application filed under Section 12(A) of the Insolvency and Bankruptcy Code (IBC) seeking withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against Alliance Embroidery Machine Pvt Ltd. The CIRP was initiated vide order dated 10.04.2024. The Resolution Professional (RP) received Form FA from the original Applicant/Operational Creditor, indicating a settlement. The Committee of Creditors (CoC) approved the withdrawal with 94.37% voting share.
On 10.04.2024, CIRP was initiated against Alliance Embroidery Machine Pvt. Ltd. The applicant was appointed as IRP and later confirmed as RP on 10.05.2024. During the CIRP, the RP received Form FA dated 03.09.2024 from the original Applicant/Operational Creditor, indicating a settlement. A settlement agreement dated 26.07.2024 was also attached. The entire settlement amount was received by the original Applicant/Operational Creditor from the suspended management of the Corporate Debtor. The RP received all CIRP costs and dues. On 09.09.2024, the CoC approved the withdrawal of CIRP with 94.37% voting share. The applicant filed an affidavit on 17.12.2024 regarding signature requirements in China. The settlement was arrived at between the original Applicant/Operational
…Order passed admitting…
Applicant confirmed/appo…