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 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. The applicant seeks to withdraw/terminate the CIRP in view of a settlement.
Bhushan Power & Steel Ltd. initiated a Corporate Insolvency Resolution Process (CIRP) against Karan Automotives Pvt. Ltd. An application was filed under Section 12A of the Insolvency & Bankruptcy Code, 2016, seeking to withdraw 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 the withdrawal of CP-IB No. 238/2022. The settlement agreement between the parties was placed on record. The applicant requested the withdrawal/termination
…Sign in to view the parties.
The IInd CoC Meeting was held, during which the…
Agreement dated…
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 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. The applicant seeks to withdraw/terminate the CIRP in view of a settlement.
Bhushan Power & Steel Ltd. initiated a Corporate Insolvency Resolution Process (CIRP) against Karan Automotives Pvt. Ltd. An application was filed under Section 12A of the Insolvency & Bankruptcy Code, 2016, seeking to withdraw 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 the withdrawal of CP-IB No. 238/2022. The settlement agreement between the parties was placed on record. The applicant requested the withdrawal/termination
…The IInd CoC Meeting was held, during which the…
Agreement dated…