The application was filed under Section 12A of the Insolvency and Bankruptcy Code (IBC) read with Regulation 30A of the Insolvency and Bankruptcy Board of India Regulations, seeking withdrawal of the Corporate Insolvency Resolution Process (CIRP) petition. The CIRP was already admitted vide order dated 2022-12-22. The applicant, Union Bank of India, had initiated action against the Corporate Debtor, Devgan Solvex Pvt. Ltd., under other statutory laws, including the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.
Union Bank of India, the financial creditor, filed a petition under the IBC against Devgan Solvex Pvt. Ltd., the corporate debtor. The petition was admitted, and CIRP was initiated. Subsequently, Union Bank of India filed an application under Section 12A of the IBC to withdraw the petition, stating that the matter had been settled and that they had initiated actions against the corporate debtor under other statutory laws. The NCLT considered the application and allowed the withdrawal, dismissing the CIRP and restoring the board of directors to their original positions. The key fact is the settlement between the parties leading to the withdrawal application.
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Order admitting the…
Order allowing the…
The application was filed under Section 12A of the Insolvency and Bankruptcy Code (IBC) read with Regulation 30A of the Insolvency and Bankruptcy Board of India Regulations, seeking withdrawal of the Corporate Insolvency Resolution Process (CIRP) petition. The CIRP was already admitted vide order dated 2022-12-22. The applicant, Union Bank of India, had initiated action against the Corporate Debtor, Devgan Solvex Pvt. Ltd., under other statutory laws, including the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.
Union Bank of India, the financial creditor, filed a petition under the IBC against Devgan Solvex Pvt. Ltd., the corporate debtor. The petition was admitted, and CIRP was initiated. Subsequently, Union Bank of India filed an application under Section 12A of the IBC to withdraw the petition, stating that the matter had been settled and that they had initiated actions against the corporate debtor under other statutory laws. The NCLT considered the application and allowed the withdrawal, dismissing the CIRP and restoring the board of directors to their original positions. The key fact is the settlement between the parties leading to the withdrawal application.
Order admitting the…
Order allowing the…