The case involves an application filed under Section 12A of the Insolvency & Bankruptcy Code, 2016, seeking withdrawal of the Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor. The application is based on a settlement between the parties. The applicant seeks to withdraw/terminate the CIRP in view of Section 12A of the Insolvency & Bankruptcy Code, 2016, read with Regulation 30A(1)(b) of the Insolvency & Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, and Rule 11 of National Company Law Tribunal Rules, 2016, in terms of the settlement agreement.
Bhushan Power & Steel Ltd. initiated a Corporate Insolvency Resolution Process (CIRP) against Karan Automotives Pvt. Ltd. An application, IA No. 4965/ND/2023, was filed under Section 12A of the Insolvency & Bankruptcy Code, 2016, seeking withdrawal of the CIRP based on a settlement between the parties. The application was supported by Regulation 30A(1)(b) of the Insolvency & Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, and Rule 11 of National Company Law Tribunal Rules, 2016. During the IInd CoC Meeting held on 16.09.2023, the sole member who is Operational Creditor approved withdrawal of CP-IB No. 238/2022 filed against the M/s Karan Automotive Private Limited on account of settlement between the
…Sign in to view the parties.
The IInd CoC Meeting was held, during which the…
The order was delivered on 19.09.2023,…
The case involves an application filed under Section 12A of the Insolvency & Bankruptcy Code, 2016, seeking withdrawal of the Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor. The application is based on a settlement between the parties. The applicant seeks to withdraw/terminate the CIRP in view of Section 12A of the Insolvency & Bankruptcy Code, 2016, read with Regulation 30A(1)(b) of the Insolvency & Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, and Rule 11 of National Company Law Tribunal Rules, 2016, in terms of the settlement agreement.
Bhushan Power & Steel Ltd. initiated a Corporate Insolvency Resolution Process (CIRP) against Karan Automotives Pvt. Ltd. An application, IA No. 4965/ND/2023, was filed under Section 12A of the Insolvency & Bankruptcy Code, 2016, seeking withdrawal of the CIRP based on a settlement between the parties. The application was supported by Regulation 30A(1)(b) of the Insolvency & Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, and Rule 11 of National Company Law Tribunal Rules, 2016. During the IInd CoC Meeting held on 16.09.2023, the sole member who is Operational Creditor approved withdrawal of CP-IB No. 238/2022 filed against the M/s Karan Automotive Private Limited on account of settlement between the
…The IInd CoC Meeting was held, during which the…
The order was delivered on 19.09.2023,…