The case involves an application under Section 12A of the Insolvency and Bankruptcy Code, 2016, for the withdrawal of the ongoing Corporate Insolvency Resolution Process (CIRP) initiated against M/s PPagro India Pvt. Ltd. The CIRP was filed by Resolution Professional Mr. Kamal Kumar Jain. During the CIRP's pendency, the sole COC member, Punjab National Bank (PNB), sent an approval letter for an OTS proposed by the Corporate Debtor, PPagro India Private Limited. A Committee of Creditors meeting was convened on March 31, 2023, where the sole COC member, holding 100% voting rights, assented to the withdrawal of the CIRP.
M/s PPagro India Pvt. Ltd. was undergoing Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated by the Resolution Professional Mr. Kamal Kumar Jain. Punjab National Bank (PNB) was the sole member of the Committee of Creditors (COC). During the pendency of the CIRP, PNB sent an approval letter for a One-Time Settlement (OTS) proposed by PPagro India Private Limited, the Corporate Debtor. A COC meeting was held on March 31, 2023, where PNB, holding 100% voting rights, assented to the withdrawal of the CIRP. The Resolution Professional, Mr. Kamal Kumar Jain, confirmed via email that he had received the entire CIRP cost. This confirmation is crucial as it ensures that the RP's expenses are covered before the CIRP is withdrawn. The applicant sought to
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A Committee of Creditors meeting was convened…
The court granted permission to…
The case involves an application under Section 12A of the Insolvency and Bankruptcy Code, 2016, for the withdrawal of the ongoing Corporate Insolvency Resolution Process (CIRP) initiated against M/s PPagro India Pvt. Ltd. The CIRP was filed by Resolution Professional Mr. Kamal Kumar Jain. During the CIRP's pendency, the sole COC member, Punjab National Bank (PNB), sent an approval letter for an OTS proposed by the Corporate Debtor, PPagro India Private Limited. A Committee of Creditors meeting was convened on March 31, 2023, where the sole COC member, holding 100% voting rights, assented to the withdrawal of the CIRP.
M/s PPagro India Pvt. Ltd. was undergoing Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated by the Resolution Professional Mr. Kamal Kumar Jain. Punjab National Bank (PNB) was the sole member of the Committee of Creditors (COC). During the pendency of the CIRP, PNB sent an approval letter for a One-Time Settlement (OTS) proposed by PPagro India Private Limited, the Corporate Debtor. A COC meeting was held on March 31, 2023, where PNB, holding 100% voting rights, assented to the withdrawal of the CIRP. The Resolution Professional, Mr. Kamal Kumar Jain, confirmed via email that he had received the entire CIRP cost. This confirmation is crucial as it ensures that the RP's expenses are covered before the CIRP is withdrawn. The applicant sought to
…A Committee of Creditors meeting was convened…
The court granted permission to…