The case involves an application filed by the Interim Resolution Professional (IRP) under Section 12A of the Insolvency and Bankruptcy Code, 2016, seeking permission to allow the Operational Creditor to withdraw the application bearing No. IB/78/ND/2024. The IRP submitted that a settlement agreement was reached between the parties, and the Corporate Debtor (CD) made the entire settlement amount payment, with no outstanding dues. The IRP also confirmed that the cost has been received.
The Interim Resolution Professional (IRP) filed an application (IA/413/ND/2025) under Section 12A of the Insolvency and Bankruptcy Code, 2016, to withdraw the insolvency application (IB/78/ND/2024). A settlement agreement was reached between Continental Energy Solutions (Applicant) and CP Arora Engineers Contractors Private Limited (Corporate Debtor). The Corporate Debtor made the entire settlement amount payment, and there were no outstanding dues. The IRP also received the cost. The applicant's counsel and the Corporate Debtor's counsel were physically present, while the IRP's counsel was present via video conference.
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The order was d…
The case involves an application filed by the Interim Resolution Professional (IRP) under Section 12A of the Insolvency and Bankruptcy Code, 2016, seeking permission to allow the Operational Creditor to withdraw the application bearing No. IB/78/ND/2024. The IRP submitted that a settlement agreement was reached between the parties, and the Corporate Debtor (CD) made the entire settlement amount payment, with no outstanding dues. The IRP also confirmed that the cost has been received.
The Interim Resolution Professional (IRP) filed an application (IA/413/ND/2025) under Section 12A of the Insolvency and Bankruptcy Code, 2016, to withdraw the insolvency application (IB/78/ND/2024). A settlement agreement was reached between Continental Energy Solutions (Applicant) and CP Arora Engineers Contractors Private Limited (Corporate Debtor). The Corporate Debtor made the entire settlement amount payment, and there were no outstanding dues. The IRP also received the cost. The applicant's counsel and the Corporate Debtor's counsel were physically present, while the IRP's counsel was present via video conference.
The order was d…