The case involves an Interlocutory Application (I.A. 1024/2022) filed by the Interim Resolution Professional (IRP) under Section 12A of the Insolvency and Bankruptcy Code for the withdrawal of the Corporate Insolvency Resolution Process (CIRP) order. The CIRP order was initially passed against the Corporate Debtor. The application for withdrawal is based on a settlement reached between the parties.
Nuvoco Vistas Corporation Limited initiated a Corporate Insolvency Resolution Process (CIRP) against Deserve Construction Private Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016. An IRP was appointed. Subsequently, the IRP filed an Interlocutory Application (I.A. 1024/2022) under Section 12A of the IBC seeking withdrawal of the CIRP order due to a settlement. The CoC approved the withdrawal with 100% voting share in its 5th meeting held on 05.04.2022. The IRP confirmed receipt of CIRP costs. The CIRP order was initially passed on 30.04.2021. Other pending IAs (75/2022 and 2240/2021) were related to the CIRP. The main petition was CP(IB)-3723(MB)/2019.
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Main company p…
CIRP order was…
The case involves an Interlocutory Application (I.A. 1024/2022) filed by the Interim Resolution Professional (IRP) under Section 12A of the Insolvency and Bankruptcy Code for the withdrawal of the Corporate Insolvency Resolution Process (CIRP) order. The CIRP order was initially passed against the Corporate Debtor. The application for withdrawal is based on a settlement reached between the parties.
Nuvoco Vistas Corporation Limited initiated a Corporate Insolvency Resolution Process (CIRP) against Deserve Construction Private Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016. An IRP was appointed. Subsequently, the IRP filed an Interlocutory Application (I.A. 1024/2022) under Section 12A of the IBC seeking withdrawal of the CIRP order due to a settlement. The CoC approved the withdrawal with 100% voting share in its 5th meeting held on 05.04.2022. The IRP confirmed receipt of CIRP costs. The CIRP order was initially passed on 30.04.2021. Other pending IAs (75/2022 and 2240/2021) were related to the CIRP. The main petition was CP(IB)-3723(MB)/2019.
Main company p…
CIRP order was…