The application IA/5498/2024 is preferred under Section 12A by the IRP of India Steel Works Limited, seeking withdrawal of the Petition withdrawal of the CP. The Corporate Debtor (CD) was admitted to CIRP vide order dated 08.05.2024, which was stayed by the Hon'ble NCLAT vide order dated 22.05.2024. During the pendency of the appeal, the parties entered into a settlement agreement dated 02.09.2024, which is part of the record in the present application.
Stecol International Private Limited filed a petition against India Steel Works Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor (India Steel Works Limited) was admitted into CIRP via an order dated 08.05.2024, which was subsequently stayed by NCLAT on 22.05.2024. During the pendency of the appeal, both parties entered into a settlement agreement on 02.09.2024. As per the settlement, the Corporate Debtor agreed to pay Rs. 2,06,54,089/-. The Operational Creditor (OC) confirmed that the entire CIRP cost has been paid.
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Corporate Deb…
NCLAT stayed t…
The application IA/5498/2024 is preferred under Section 12A by the IRP of India Steel Works Limited, seeking withdrawal of the Petition withdrawal of the CP. The Corporate Debtor (CD) was admitted to CIRP vide order dated 08.05.2024, which was stayed by the Hon'ble NCLAT vide order dated 22.05.2024. During the pendency of the appeal, the parties entered into a settlement agreement dated 02.09.2024, which is part of the record in the present application.
Stecol International Private Limited filed a petition against India Steel Works Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor (India Steel Works Limited) was admitted into CIRP via an order dated 08.05.2024, which was subsequently stayed by NCLAT on 22.05.2024. During the pendency of the appeal, both parties entered into a settlement agreement on 02.09.2024. As per the settlement, the Corporate Debtor agreed to pay Rs. 2,06,54,089/-. The Operational Creditor (OC) confirmed that the entire CIRP cost has been paid.
Corporate Deb…
NCLAT stayed t…