The case involves an application filed by the Resolution Professional (RP) under Section 12A of the Insolvency and Bankruptcy Code (IBC) for the withdrawal of the Corporate Insolvency Resolution Process (CIRP) against Geoshine Mines 2 Metals Limited. The application is based on the lack of traceable assets of the Corporate Debtor and the approval of the Committee of Creditors (CoC) to withdraw the CIRP. The CoC resolution was passed with 100% voting in favor of withdrawal.
The Resolution Professional (RP) filed an application under Section 12A of the Insolvency and Bankruptcy Code (IBC) to withdraw the Corporate Insolvency Resolution Process (CIRP) against Geoshine Mines 2 Metals Limited. The application was supported by a resolution passed by the Committee of Creditors (CoC) with 100% voting in favor of withdrawal. The CoC's decision was based on the fact that the Corporate Debtor had no traceable assets and that continuing the CIRP would be an additional burden on the CoC without any chance of recoveries. The RP also agreed to forgo the CIRP costs and fees. The agenda for withdrawal was discussed in the 5th CoC meeting held on August 14, 2023. The RP agreed with the CoC to consider the withdrawal under Section 12A of IBC-2016. The
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The agenda with regard to withdrawal of the…
The RP was directed to remain present in order…
The case involves an application filed by the Resolution Professional (RP) under Section 12A of the Insolvency and Bankruptcy Code (IBC) for the withdrawal of the Corporate Insolvency Resolution Process (CIRP) against Geoshine Mines 2 Metals Limited. The application is based on the lack of traceable assets of the Corporate Debtor and the approval of the Committee of Creditors (CoC) to withdraw the CIRP. The CoC resolution was passed with 100% voting in favor of withdrawal.
The Resolution Professional (RP) filed an application under Section 12A of the Insolvency and Bankruptcy Code (IBC) to withdraw the Corporate Insolvency Resolution Process (CIRP) against Geoshine Mines 2 Metals Limited. The application was supported by a resolution passed by the Committee of Creditors (CoC) with 100% voting in favor of withdrawal. The CoC's decision was based on the fact that the Corporate Debtor had no traceable assets and that continuing the CIRP would be an additional burden on the CoC without any chance of recoveries. The RP also agreed to forgo the CIRP costs and fees. The agenda for withdrawal was discussed in the 5th CoC meeting held on August 14, 2023. The RP agreed with the CoC to consider the withdrawal under Section 12A of IBC-2016. The
…The agenda with regard to withdrawal of the…
The RP was directed to remain present in order…