The case involves an application (IA No.226 of 2023) filed under Section 12A of the I&B Code, 2016, read with Regulation 30A(1)(b) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, seeking to withdraw the Corporate Insolvency Resolution Process (CIRP) initiated against the Corporate Debtor. The Adjudicating Authority had previously admitted a petition and initiated CIRP against the Corporate Debtor in CP (IB) No.97/BB/2021 and appointed an Interim Resolution Professional (IRP).
The Adjudicating Authority admitted a petition and initiated CIRP against the Corporate Debtor in CP (IB) No.97/BB/2021 on 2022-12-01. The applicant was appointed as the IRP. The IRP constituted a Committee of Creditors (CoC). The CoC, in its first meeting on 2023-01-17, appointed the applicant as the Resolution Professional (RP) with a 100% voting share. The Petitioner and Corporate Debtor reached a settlement on 2023-01-17. The Petitioner submitted Form-FA to the RP, complying with Regulation 30A. The CoC, in its second meeting on 2023-03-18, consented to withdraw the CIRP with a 100% voting share. The application to withdraw the CIRP was filed under Section 12A of the I&B Code, 2016, read with Regulation 30A(1)(b) of the IBBI (Insolvency Resolution Process for
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The Adjudicating Authority admitted the petition…
The CoC held its first meeting and appointed the…
The case involves an application (IA No.226 of 2023) filed under Section 12A of the I&B Code, 2016, read with Regulation 30A(1)(b) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, seeking to withdraw the Corporate Insolvency Resolution Process (CIRP) initiated against the Corporate Debtor. The Adjudicating Authority had previously admitted a petition and initiated CIRP against the Corporate Debtor in CP (IB) No.97/BB/2021 and appointed an Interim Resolution Professional (IRP).
The Adjudicating Authority admitted a petition and initiated CIRP against the Corporate Debtor in CP (IB) No.97/BB/2021 on 2022-12-01. The applicant was appointed as the IRP. The IRP constituted a Committee of Creditors (CoC). The CoC, in its first meeting on 2023-01-17, appointed the applicant as the Resolution Professional (RP) with a 100% voting share. The Petitioner and Corporate Debtor reached a settlement on 2023-01-17. The Petitioner submitted Form-FA to the RP, complying with Regulation 30A. The CoC, in its second meeting on 2023-03-18, consented to withdraw the CIRP with a 100% voting share. The application to withdraw the CIRP was filed under Section 12A of the I&B Code, 2016, read with Regulation 30A(1)(b) of the IBBI (Insolvency Resolution Process for
…The Adjudicating Authority admitted the petition…
The CoC held its first meeting and appointed the…