The case involves an application (IA 618/2024) in a Corporate Insolvency Resolution Process (CIRP) initiated under the Insolvency and Bankruptcy Code, 2016. The National Company Law Appellate Tribunal (NCLAT) had previously issued an order stating that if the Corporate Debtor pays the amount due to the Financial Creditor along with interest until the insolvency commencement date, the CIRP would be withdrawn.
The India Factoring and Finance Solutions Private Limited initiated a CIRP against Arcons Infrastructure and Construction Private Limited. The NCLAT issued an order stating that if Arcons Infrastructure and Construction Private Limited paid the amount due to India Factoring and Finance Solutions Private Limited, along with interest until the insolvency commencement date, the CIRP would be withdrawn. The Financial Creditor, India Factoring and Finance Solutions Private Limited, confirmed that Arcons Infrastructure and Construction Private Limited complied with the NCLAT's order. The relevance of these facts is that the compliance with the NCLAT order directly led to the withdrawal of the CIRP and the termination of the IRP's role.
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The National Company Law Appellate Tribunal…
Order sheet…
The case involves an application (IA 618/2024) in a Corporate Insolvency Resolution Process (CIRP) initiated under the Insolvency and Bankruptcy Code, 2016. The National Company Law Appellate Tribunal (NCLAT) had previously issued an order stating that if the Corporate Debtor pays the amount due to the Financial Creditor along with interest until the insolvency commencement date, the CIRP would be withdrawn.
The India Factoring and Finance Solutions Private Limited initiated a CIRP against Arcons Infrastructure and Construction Private Limited. The NCLAT issued an order stating that if Arcons Infrastructure and Construction Private Limited paid the amount due to India Factoring and Finance Solutions Private Limited, along with interest until the insolvency commencement date, the CIRP would be withdrawn. The Financial Creditor, India Factoring and Finance Solutions Private Limited, confirmed that Arcons Infrastructure and Construction Private Limited complied with the NCLAT's order. The relevance of these facts is that the compliance with the NCLAT order directly led to the withdrawal of the CIRP and the termination of the IRP's role.
The National Company Law Appellate Tribunal…
Order sheet…