The case involves an application filed under Section 12A of the Insolvency & Bankruptcy Code, 2016, seeking the withdrawal of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The application is 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, based on a settlement between the parties. The initial Company Petition was CP-IB No. 238/2022.
Bhushan Power & Steel Ltd. filed an application (IA No. 4965/ND/2023) under Section 12A of the Insolvency & Bankruptcy Code, 2016, seeking to withdraw the Corporate Insolvency Resolution Process (CIRP) initiated against Karan Automotives Pvt. Ltd. The application was based on a settlement reached between the parties. The IInd CoC Meeting held on 16.09.2023 approved the withdrawal of CP-IB No. 238/2022, which was filed against Karan Automotive Private Limited. The sole member, an Operational Creditor, approved the withdrawal. The settlement agreement (Form 'FA') was placed on record. The Adjudicating Authority considered the submissions and prayers, ultimately permitting the withdrawal of IB/238/ND/2022. Consequently, the Corporate Debtor was released from the
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CP-IB No. 238/2022 was…
The IInd CoC Meeting…
The case involves an application filed under Section 12A of the Insolvency & Bankruptcy Code, 2016, seeking the withdrawal of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The application is 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, based on a settlement between the parties. The initial Company Petition was CP-IB No. 238/2022.
Bhushan Power & Steel Ltd. filed an application (IA No. 4965/ND/2023) under Section 12A of the Insolvency & Bankruptcy Code, 2016, seeking to withdraw the Corporate Insolvency Resolution Process (CIRP) initiated against Karan Automotives Pvt. Ltd. The application was based on a settlement reached between the parties. The IInd CoC Meeting held on 16.09.2023 approved the withdrawal of CP-IB No. 238/2022, which was filed against Karan Automotive Private Limited. The sole member, an Operational Creditor, approved the withdrawal. The settlement agreement (Form 'FA') was placed on record. The Adjudicating Authority considered the submissions and prayers, ultimately permitting the withdrawal of IB/238/ND/2022. Consequently, the Corporate Debtor was released from the
…CP-IB No. 238/2022 was…
The IInd CoC Meeting…