The case involves an application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) against Biltube Industries Limited. The CIRP was initiated following the admission of a petition against the Corporate Debtor. Subsequently, the Interim Resolution Professional (IRP) filed an application under Section 12A of the Insolvency and Bankruptcy Code, 2016, seeking withdrawal of the CIRP. This application was filed after the Operational Creditor and the Suspended Director of the Corporate Debtor entered into a settlement agreement.
The Corporate Insolvency Resolution Process (CIRP) was initiated against Biltube Industries Limited after a petition was admitted. The Interim Resolution Professional (IRP), CA Ashok Mittal, was appointed. The IRP filed an application (IA No. 1707/2022) under Section 12A of the Insolvency and Bankruptcy Code, 2016, seeking withdrawal of the CIRP. This application was based on a settlement agreement between the Operational Creditor (IVAX Paper Chemicals Limited) and the Suspended Director of the Corporate Debtor. The settlement involved the payment of Rs. 1,00,00,000/- (Rupees One Crore) to the Operational Creditor. The IRP also made a publication in an English and Marathi newspaper inviting claims of various creditors of the Corporate Debtor. The court considered the
…Sign in to view the parties.
CIRP was initiated…
Applicant made a publication in an English and…
The case involves an application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) against Biltube Industries Limited. The CIRP was initiated following the admission of a petition against the Corporate Debtor. Subsequently, the Interim Resolution Professional (IRP) filed an application under Section 12A of the Insolvency and Bankruptcy Code, 2016, seeking withdrawal of the CIRP. This application was filed after the Operational Creditor and the Suspended Director of the Corporate Debtor entered into a settlement agreement.
The Corporate Insolvency Resolution Process (CIRP) was initiated against Biltube Industries Limited after a petition was admitted. The Interim Resolution Professional (IRP), CA Ashok Mittal, was appointed. The IRP filed an application (IA No. 1707/2022) under Section 12A of the Insolvency and Bankruptcy Code, 2016, seeking withdrawal of the CIRP. This application was based on a settlement agreement between the Operational Creditor (IVAX Paper Chemicals Limited) and the Suspended Director of the Corporate Debtor. The settlement involved the payment of Rs. 1,00,00,000/- (Rupees One Crore) to the Operational Creditor. The IRP also made a publication in an English and Marathi newspaper inviting claims of various creditors of the Corporate Debtor. The court considered the
…CIRP was initiated…
Applicant made a publication in an English and…