The case involves an application (IA No. 874/2023) filed under Section 12A of the Insolvency and Bankruptcy Code (IBC) read with Regulation 30A of the IBBI regulations by the Interim Resolution Professional (IRP). The Corporate Insolvency Resolution Process (CIRP) was initiated on 2023-03-22, but the parties reached a settlement by 2023-03-25. The settlement agreement was placed on record. The Committee of Creditors (CoC) was not constituted, and no publication was made. The IRP stated that the CIRP costs were paid.
The Corporate Insolvency Resolution Process (CIRP) was initiated against Ecogreen Energy Gwalior Pvt. Ltd. on 2023-03-22. However, before the Committee of Creditors (CoC) could be formed or any publication made, Nestler Protec (India) Pvt. Ltd. (the Operational Creditor) and Ecogreen Energy Gwalior Pvt. Ltd. (the Corporate Debtor) reached a settlement on 2023-03-25. The Interim Resolution Professional (IRP) filed IA No. 874/2023 under Section 12A of the IBC, seeking withdrawal of the CIRP based on this settlement. The IRP confirmed that the costs associated with the CIRP had been paid. A copy of the settlement agreement and Form FA were placed on record. The key fact is the settlement occurred at a nascent stage of CIRP, before CoC formation, justifying the withdrawal
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CP(IB) No. 358/Chd/Hry/2…
Corporate Insolvency…
The case involves an application (IA No. 874/2023) filed under Section 12A of the Insolvency and Bankruptcy Code (IBC) read with Regulation 30A of the IBBI regulations by the Interim Resolution Professional (IRP). The Corporate Insolvency Resolution Process (CIRP) was initiated on 2023-03-22, but the parties reached a settlement by 2023-03-25. The settlement agreement was placed on record. The Committee of Creditors (CoC) was not constituted, and no publication was made. The IRP stated that the CIRP costs were paid.
The Corporate Insolvency Resolution Process (CIRP) was initiated against Ecogreen Energy Gwalior Pvt. Ltd. on 2023-03-22. However, before the Committee of Creditors (CoC) could be formed or any publication made, Nestler Protec (India) Pvt. Ltd. (the Operational Creditor) and Ecogreen Energy Gwalior Pvt. Ltd. (the Corporate Debtor) reached a settlement on 2023-03-25. The Interim Resolution Professional (IRP) filed IA No. 874/2023 under Section 12A of the IBC, seeking withdrawal of the CIRP based on this settlement. The IRP confirmed that the costs associated with the CIRP had been paid. A copy of the settlement agreement and Form FA were placed on record. The key fact is the settlement occurred at a nascent stage of CIRP, before CoC formation, justifying the withdrawal
…CP(IB) No. 358/Chd/Hry/2…
Corporate Insolvency…