The case involves an application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against M/s Anand Divine Developers Private Limited. The application was filed by the Interim Resolution Professional (IRP), Mr. Harish Taneja, under Section 12A of the Insolvency and Bankruptcy Code (IBC) read with Regulation 30A of the IBBI (CIRP) Regulations, 2016, and Rule 11 of the NCLT Rules, 2016. The Financial Creditor, ICICI Prudential Venture Capital Fund Real Estate Scheme I, and the Corporate Debtor have entered into a settlement before the formation of the Committee of Creditors (CoC). The Financial Creditor has also filed an application enclosing Form-FA to withdraw the application admitted under Section 7 of the IBC.
ICICI Prudential Venture Capital Fund Real Estate Scheme I, acting through its investment manager ICICI Prudential Asset Management Company Limited, initiated CIRP against Anand Divine Developers Private Limited. Before the Committee of Creditors (CoC) could be formed, ICICI Prudential and Anand Divine Developers Private Limited reached a settlement. Consequently, ICICI Prudential sought to withdraw the CIRP application under Section 12A of the IBC, supported by the IRP, Mr. Harish Taneja. The application for withdrawal was filed as IA-2391/2022. The Financial Creditor also submitted Form-FA, indicating their intention to withdraw the initial application admitted under Section 7 of the IBC. The key fact is the settlement reached before the CoC formation, prompting the
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The Insolven…
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The case involves an application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against M/s Anand Divine Developers Private Limited. The application was filed by the Interim Resolution Professional (IRP), Mr. Harish Taneja, under Section 12A of the Insolvency and Bankruptcy Code (IBC) read with Regulation 30A of the IBBI (CIRP) Regulations, 2016, and Rule 11 of the NCLT Rules, 2016. The Financial Creditor, ICICI Prudential Venture Capital Fund Real Estate Scheme I, and the Corporate Debtor have entered into a settlement before the formation of the Committee of Creditors (CoC). The Financial Creditor has also filed an application enclosing Form-FA to withdraw the application admitted under Section 7 of the IBC.
ICICI Prudential Venture Capital Fund Real Estate Scheme I, acting through its investment manager ICICI Prudential Asset Management Company Limited, initiated CIRP against Anand Divine Developers Private Limited. Before the Committee of Creditors (CoC) could be formed, ICICI Prudential and Anand Divine Developers Private Limited reached a settlement. Consequently, ICICI Prudential sought to withdraw the CIRP application under Section 12A of the IBC, supported by the IRP, Mr. Harish Taneja. The application for withdrawal was filed as IA-2391/2022. The Financial Creditor also submitted Form-FA, indicating their intention to withdraw the initial application admitted under Section 7 of the IBC. The key fact is the settlement reached before the CoC formation, prompting the
…The Insolven…
Order delivered by the…