The case involves an application (IA/1373/2024) in a corporate insolvency resolution process (CIRP) initiated under Section 9 of the Insolvency and Bankruptcy Code, 2016. The applicant sought to withdraw the company petition (IB/3877/MB/2019). The parties had entered into consent terms before the formation of the Committee of Creditors (COC).
Marine Geology Services LLP (Operational Creditor) initiated a CIRP against Geo Api Solutions Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The admission order was dated 5th February 2024. Before the formation of the Committee of Creditors (COC), both parties entered into consent terms dated 27th February 2024, agreeing to a settlement. The Operational Creditor sought to withdraw the company petition (IB/3877/MB/2019) through IA/1373/2024. The settlement involved the Corporate Debtor paying a settlement amount of USD One million within 90 days. The Operational Creditor requested the liberty to revive the CIRP if the Corporate Debtor failed to pay the settlement amount. The applicant also sought to be discharged from the
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The case involves an application (IA/1373/2024) in a corporate insolvency resolution process (CIRP) initiated under Section 9 of the Insolvency and Bankruptcy Code, 2016. The applicant sought to withdraw the company petition (IB/3877/MB/2019). The parties had entered into consent terms before the formation of the Committee of Creditors (COC).
Marine Geology Services LLP (Operational Creditor) initiated a CIRP against Geo Api Solutions Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The admission order was dated 5th February 2024. Before the formation of the Committee of Creditors (COC), both parties entered into consent terms dated 27th February 2024, agreeing to a settlement. The Operational Creditor sought to withdraw the company petition (IB/3877/MB/2019) through IA/1373/2024. The settlement involved the Corporate Debtor paying a settlement amount of USD One million within 90 days. The Operational Creditor requested the liberty to revive the CIRP if the Corporate Debtor failed to pay the settlement amount. The applicant also sought to be discharged from the
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