The present case involves an application (IA No.640/2023) filed by the operational creditor, Universal Cartons Solution Pvt. Ltd., under Section 12A of the Insolvency and Bankruptcy Code (IBC) for withdrawal of the petition under Section 9 of the Code and for withdrawal of the Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor, Basandari Bottlers Pvt. Ltd. The application was supported by an affidavit and Form A, along with a Settlement Agreement dated 23.02.2023 (Annexure A11). The Corporate Debtor had previously been admitted into CIRP vide order dated 03.02.2023. However, no Committee of Creditors (CoC) had been constituted, and no effective proceedings had taken place. The IRP fees and other charges had been fully received.
Universal Cartons Solution Pvt. Ltd., the operational creditor, initiated CIRP against Basandari Bottlers Pvt. Ltd., the corporate debtor, under Section 9 of the IBC. The corporate debtor was admitted into CIRP on 03.02.2023. Subsequently, the operational creditor filed IA No.640/2023 under Section 12A of the IBC, seeking withdrawal of the CIRP based on a settlement agreement dated 23.02.2023. No CoC had been constituted, and no effective proceedings had taken place. The IRP fees were fully paid. The settlement agreement is a key fact, indicating a resolution between the parties that warranted the withdrawal of the CIRP. The lack of CoC formation and progress in CIRP further supported the court's decision to allow the withdrawal.
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Corporate Debtor was…
Settlement Agreement…
The present case involves an application (IA No.640/2023) filed by the operational creditor, Universal Cartons Solution Pvt. Ltd., under Section 12A of the Insolvency and Bankruptcy Code (IBC) for withdrawal of the petition under Section 9 of the Code and for withdrawal of the Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor, Basandari Bottlers Pvt. Ltd. The application was supported by an affidavit and Form A, along with a Settlement Agreement dated 23.02.2023 (Annexure A11). The Corporate Debtor had previously been admitted into CIRP vide order dated 03.02.2023. However, no Committee of Creditors (CoC) had been constituted, and no effective proceedings had taken place. The IRP fees and other charges had been fully received.
Universal Cartons Solution Pvt. Ltd., the operational creditor, initiated CIRP against Basandari Bottlers Pvt. Ltd., the corporate debtor, under Section 9 of the IBC. The corporate debtor was admitted into CIRP on 03.02.2023. Subsequently, the operational creditor filed IA No.640/2023 under Section 12A of the IBC, seeking withdrawal of the CIRP based on a settlement agreement dated 23.02.2023. No CoC had been constituted, and no effective proceedings had taken place. The IRP fees were fully paid. The settlement agreement is a key fact, indicating a resolution between the parties that warranted the withdrawal of the CIRP. The lack of CoC formation and progress in CIRP further supported the court's decision to allow the withdrawal.
Corporate Debtor was…
Settlement Agreement…