The application IA No. 1883/2023 was filed by the applicant-IRP under Section 12A of the Code read with Regulation 30A of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 and Rule 11 of NCLT Rules, 2016, seeking withdrawal of CIRP and clarification on whether the IRP should proceed with the constitution of the COC during the pendency of the application. The petition was filed as Form-FA, and emails exchanged/received from the operational creditors are on record. The COC has not been constituted yet.
M/s. Cotton Impex filed a petition against Cheema Spintex Ltd., initiating CIRP. The applicant-IRP filed IA No. 1883/2023 under Section 12A of the Code, seeking withdrawal of the CIRP. The application was supported by the fact that the operational creditors had exchanged emails and Form-FA was filed. The COC had not been constituted. The Senior Counsel for the Suspended Board of Directors stated that the entire claimed amount had been settled, which was corroborated by the applicant-IRP's counsel. IDBI Bank, another financial creditor, orally objected due to a pending Section 7 application, but no formal objection was filed. The court allowed the withdrawal, discharged the corporate debtor, and restored the Board of Directors.
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CIRP initiated…
CIRP initiate…
The application IA No. 1883/2023 was filed by the applicant-IRP under Section 12A of the Code read with Regulation 30A of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 and Rule 11 of NCLT Rules, 2016, seeking withdrawal of CIRP and clarification on whether the IRP should proceed with the constitution of the COC during the pendency of the application. The petition was filed as Form-FA, and emails exchanged/received from the operational creditors are on record. The COC has not been constituted yet.
M/s. Cotton Impex filed a petition against Cheema Spintex Ltd., initiating CIRP. The applicant-IRP filed IA No. 1883/2023 under Section 12A of the Code, seeking withdrawal of the CIRP. The application was supported by the fact that the operational creditors had exchanged emails and Form-FA was filed. The COC had not been constituted. The Senior Counsel for the Suspended Board of Directors stated that the entire claimed amount had been settled, which was corroborated by the applicant-IRP's counsel. IDBI Bank, another financial creditor, orally objected due to a pending Section 7 application, but no formal objection was filed. The court allowed the withdrawal, discharged the corporate debtor, and restored the Board of Directors.
CIRP initiated…
CIRP initiate…