The case involves an application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against Karvy Data Management Services Limited. The CIRP was initiated based on a petition filed by an operational creditor, Adventity Global Services Private Limited. The Interim Resolution Professional (IRP) filed an application under Section 12A of the Insolvency & Bankruptcy Code, 2016, seeking to set aside the CIRP order, citing a settlement between the operational creditor and the corporate debtor after the CIRP initiation.
The Interim Resolution Professional (IRP) appointed for Karvy Data Management Services Limited filed an application under Section 12A of the Insolvency & Bankruptcy Code, 2016, seeking to withdraw the Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated based on a petition filed by Adventity Global Services Private Limited, an operational creditor. After the CIRP initiation, a settlement was reached between Adventity Global Services Private Limited and Karvy Data Management Services Limited. The IRP had issued a public notice inviting claims from creditors. The Tribunal had previously closed company petitions filed against the same corporate debtor, giving the applicants liberty to approach the IRP. The application for withdrawal was filed before
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The case involves an application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against Karvy Data Management Services Limited. The CIRP was initiated based on a petition filed by an operational creditor, Adventity Global Services Private Limited. The Interim Resolution Professional (IRP) filed an application under Section 12A of the Insolvency & Bankruptcy Code, 2016, seeking to set aside the CIRP order, citing a settlement between the operational creditor and the corporate debtor after the CIRP initiation.
The Interim Resolution Professional (IRP) appointed for Karvy Data Management Services Limited filed an application under Section 12A of the Insolvency & Bankruptcy Code, 2016, seeking to withdraw the Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated based on a petition filed by Adventity Global Services Private Limited, an operational creditor. After the CIRP initiation, a settlement was reached between Adventity Global Services Private Limited and Karvy Data Management Services Limited. The IRP had issued a public notice inviting claims from creditors. The Tribunal had previously closed company petitions filed against the same corporate debtor, giving the applicants liberty to approach the IRP. The application for withdrawal was filed before
…Tribunal order directing initiation of…
Admission o…