The case involves an application (IA No.554/2023) filed by the operational creditor under Section 12-A of the IBC for withdrawal of the petition under Section 9 of the Code and for withdrawal of the CIRP, which was previously ordered by the Bench on 01.02.2023. The operational creditor seeks to withdraw the petition. No CoC has been constituted, and the IRP has been paid Rs. 80,000. A settlement agreement dated 06.02.2023 has been placed on record, with Rs. 16 lakhs paid by the Suspended Director as full and final payment.
Prime Papyrus Products Pvt Ltd., the operational creditor, initiated CIRP against Forcefox Technologies Private Ltd., the corporate debtor. The CIRP was ordered on 01.02.2023. The operational creditor then filed IA No.554/2023 under Section 12-A of the IBC to withdraw the petition and the CIRP. No CoC had been constituted. The IRP had been paid Rs. 80,000. A settlement agreement dated 06.02.2023 was placed on record, showing that Rs. 16 lakhs had been paid by the Suspended Director as full and final payment. The respondent did not object to the application. This settlement is the key fact that led to the withdrawal of the CIRP.
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The case involves an application (IA No.554/2023) filed by the operational creditor under Section 12-A of the IBC for withdrawal of the petition under Section 9 of the Code and for withdrawal of the CIRP, which was previously ordered by the Bench on 01.02.2023. The operational creditor seeks to withdraw the petition. No CoC has been constituted, and the IRP has been paid Rs. 80,000. A settlement agreement dated 06.02.2023 has been placed on record, with Rs. 16 lakhs paid by the Suspended Director as full and final payment.
Prime Papyrus Products Pvt Ltd., the operational creditor, initiated CIRP against Forcefox Technologies Private Ltd., the corporate debtor. The CIRP was ordered on 01.02.2023. The operational creditor then filed IA No.554/2023 under Section 12-A of the IBC to withdraw the petition and the CIRP. No CoC had been constituted. The IRP had been paid Rs. 80,000. A settlement agreement dated 06.02.2023 was placed on record, showing that Rs. 16 lakhs had been paid by the Suspended Director as full and final payment. The respondent did not object to the application. This settlement is the key fact that led to the withdrawal of the CIRP.
The Bench ordered the…
The court orde…