The case involves an application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against Indowind Energy Ltd. The application was filed under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulation 30A of the IBBI Regulations, 2016, and Rule 11 of the NCLT Rules, 2016, by the Interim Resolution Professional (IRP). The Corporate Debtor had entered into a One Time Settlement (OTS) with the Financial Creditor. The Hon'ble NCLAT had previously allowed a request to file an application for withdrawal of CIRP before the Tribunal and directed the Applicant/IRP to file an application for withdrawal of CIRP before this Tribunal and to report compliance.
The Corporate Debtor, Indowind Energy Ltd, was undergoing CIRP. The IRP, Mr. Ramakrishna Sadasivan, filed an application for withdrawal of CIRP under Section 12A of IBC, 2016. The basis for the withdrawal was a One Time Settlement (OTS) reached between the Corporate Debtor and the Financial Creditor. The Financial Creditor/Applicant submitted an application in Form FA under Section 12A to the RP. Exim Bank settled the entire amount including arrears towards CIRP costs. The Hon'ble NCLAT had allowed a request to file an application for withdrawal of CIRP before the Tribunal. The Committee of Creditors (CoC) had not been constituted. The complete CIRP cost has been paid. The OTS proposal has been accepted by the Financial Creditor and acted upon. The CIRP application was
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CIRP application…
Matter mentioned before Hon'ble NCLAT; they…
The case involves an application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against Indowind Energy Ltd. The application was filed under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulation 30A of the IBBI Regulations, 2016, and Rule 11 of the NCLT Rules, 2016, by the Interim Resolution Professional (IRP). The Corporate Debtor had entered into a One Time Settlement (OTS) with the Financial Creditor. The Hon'ble NCLAT had previously allowed a request to file an application for withdrawal of CIRP before the Tribunal and directed the Applicant/IRP to file an application for withdrawal of CIRP before this Tribunal and to report compliance.
The Corporate Debtor, Indowind Energy Ltd, was undergoing CIRP. The IRP, Mr. Ramakrishna Sadasivan, filed an application for withdrawal of CIRP under Section 12A of IBC, 2016. The basis for the withdrawal was a One Time Settlement (OTS) reached between the Corporate Debtor and the Financial Creditor. The Financial Creditor/Applicant submitted an application in Form FA under Section 12A to the RP. Exim Bank settled the entire amount including arrears towards CIRP costs. The Hon'ble NCLAT had allowed a request to file an application for withdrawal of CIRP before the Tribunal. The Committee of Creditors (CoC) had not been constituted. The complete CIRP cost has been paid. The OTS proposal has been accepted by the Financial Creditor and acted upon. The CIRP application was
…CIRP application…
Matter mentioned before Hon'ble NCLAT; they…