The case involves an application (IA/87(MP)2022) filed under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, seeking the withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against the Corporate Debtor, Garlico Industries Limited. The Committee of Creditors (CoC) resolved in its meeting dated 18.04.2022, with 100% votes, to file an application for the withdrawal of the CIRP.
ICICI Bank Ltd, through its Resolution Professional (RP) Subhash Chandra Modi, filed an application to withdraw the CIRP against Garlico Industries Ltd. The CoC of Garlico Industries Ltd. met on 18.04.2022 and resolved with 100% votes to file an application for the withdrawal of the CIRP. The CIRP was initially initiated vide CP(IB) 641 of 2019 dated 03.12.2021. The application for withdrawal is based on Section 12A of the IBC, 2016. The relevance of these facts lies in the court's decision to allow the withdrawal of the CIRP, effectively closing the insolvency proceedings against the Corporate Debtor.
Sign in to view the parties.
Reference to T…
CIRP initiated against…
The case involves an application (IA/87(MP)2022) filed under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, seeking the withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against the Corporate Debtor, Garlico Industries Limited. The Committee of Creditors (CoC) resolved in its meeting dated 18.04.2022, with 100% votes, to file an application for the withdrawal of the CIRP.
ICICI Bank Ltd, through its Resolution Professional (RP) Subhash Chandra Modi, filed an application to withdraw the CIRP against Garlico Industries Ltd. The CoC of Garlico Industries Ltd. met on 18.04.2022 and resolved with 100% votes to file an application for the withdrawal of the CIRP. The CIRP was initially initiated vide CP(IB) 641 of 2019 dated 03.12.2021. The application for withdrawal is based on Section 12A of the IBC, 2016. The relevance of these facts lies in the court's decision to allow the withdrawal of the CIRP, effectively closing the insolvency proceedings against the Corporate Debtor.
Reference to T…
CIRP initiated against…