The case involves an application filed under Section 12A of the Insolvency & Bankruptcy Code, 2016, by the Resolution Professional (RP) seeking to withdraw the Corporate Insolvency Resolution Process (CIRP). The original application was filed under Section 9 of the IBC by Beardsell Limited, an operational creditor, against Canalairz Airz Solutions Private Limited. An Interim Resolution Professional (IRP) was appointed, and a Committee of Creditors (CoC) was formed, consisting of only the operational creditor. The IRP was later confirmed as the RP. During the process, it was discovered that the corporate debtor was not operational, had no assets, plant, machinery, or employees from the commencement of CIRP.
Beardsell Limited filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Canalairz Airz Solutions Private Limited. An Interim Resolution Professional (IRP) was appointed on January 25, 2021. The first Committee of Creditors (CoC) meeting was held on July 26, 2021, and the CoC comprised only one member, the operational creditor. The IRP was confirmed as the RP. The RP's inquiry revealed that the Corporate Debtor was not in operation for many years, had no assets, plant, machinery, or employees from the date of commencement of the CIRP. The second CoC meeting was held on November 19, 2021, where the CoC voted 100% in favor of withdrawing the CIRP under Section 12A of the IBC. The resolution recorded the absence of fixed assets,
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The case involves an application filed under Section 12A of the Insolvency & Bankruptcy Code, 2016, by the Resolution Professional (RP) seeking to withdraw the Corporate Insolvency Resolution Process (CIRP). The original application was filed under Section 9 of the IBC by Beardsell Limited, an operational creditor, against Canalairz Airz Solutions Private Limited. An Interim Resolution Professional (IRP) was appointed, and a Committee of Creditors (CoC) was formed, consisting of only the operational creditor. The IRP was later confirmed as the RP. During the process, it was discovered that the corporate debtor was not operational, had no assets, plant, machinery, or employees from the commencement of CIRP.
Beardsell Limited filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Canalairz Airz Solutions Private Limited. An Interim Resolution Professional (IRP) was appointed on January 25, 2021. The first Committee of Creditors (CoC) meeting was held on July 26, 2021, and the CoC comprised only one member, the operational creditor. The IRP was confirmed as the RP. The RP's inquiry revealed that the Corporate Debtor was not in operation for many years, had no assets, plant, machinery, or employees from the date of commencement of the CIRP. The second CoC meeting was held on November 19, 2021, where the CoC voted 100% in favor of withdrawing the CIRP under Section 12A of the IBC. The resolution recorded the absence of fixed assets,
…The Adjudicating…
The first meeting of…