The case involves an application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated under Section 9 of the Insolvency and Bankruptcy Code (IBC) against Globe Steel and Alloys Private Limited. The CIRP was initiated by Ganpati Enterprises, the Operational Creditor. The application for withdrawal is based on a Memorandum of Understanding (MoU) entered into between the Corporate Debtor and the Operational Creditor, outlining a payment agreement for settling the debt. The Committee of Creditors (CoC), consisting of a single member (SIDBI), approved the withdrawal application in its second meeting.
Ganpati Enterprises, the Operational Creditor, initiated CIRP against Globe Steel and Alloys Private Limited, the Corporate Debtor, under Section 9 of the IBC. The total debt owed by the Corporate Debtor to the Operational Creditor is Rs. 1,57,07,318.74. A Memorandum of Understanding (MoU) was entered into between the Corporate Debtor and the Operational Creditor to settle the debt. The purpose of the MoU was to outline the terms of the payment agreement. The CoC, consisting of a single member, Small Industries Development Bank of India (SIDBI), approved the withdrawal application in its second meeting held on January 20, 2025. The Operational Creditor filed Form FA, an application for withdrawal of the CIRP, on January 14, 2025. The preliminary expenses of Rs.
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A Memorandum of Understanding (MoU) was…
Preliminary expenses of Rs. 3,00,000/- were…
The case involves an application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated under Section 9 of the Insolvency and Bankruptcy Code (IBC) against Globe Steel and Alloys Private Limited. The CIRP was initiated by Ganpati Enterprises, the Operational Creditor. The application for withdrawal is based on a Memorandum of Understanding (MoU) entered into between the Corporate Debtor and the Operational Creditor, outlining a payment agreement for settling the debt. The Committee of Creditors (CoC), consisting of a single member (SIDBI), approved the withdrawal application in its second meeting.
Ganpati Enterprises, the Operational Creditor, initiated CIRP against Globe Steel and Alloys Private Limited, the Corporate Debtor, under Section 9 of the IBC. The total debt owed by the Corporate Debtor to the Operational Creditor is Rs. 1,57,07,318.74. A Memorandum of Understanding (MoU) was entered into between the Corporate Debtor and the Operational Creditor to settle the debt. The purpose of the MoU was to outline the terms of the payment agreement. The CoC, consisting of a single member, Small Industries Development Bank of India (SIDBI), approved the withdrawal application in its second meeting held on January 20, 2025. The Operational Creditor filed Form FA, an application for withdrawal of the CIRP, on January 14, 2025. The preliminary expenses of Rs.
…A Memorandum of Understanding (MoU) was…
Preliminary expenses of Rs. 3,00,000/- were…