The Resolution Professional filed an application seeking leave from the Tribunal to withdraw the Corporate Insolvency Resolution Process (CIRP) initiated against the Corporate Debtor. The CIRP was initiated vide an order of the Tribunal in CP No.64/2021 dated 2021-02-19. The basis for the withdrawal application is that the Corporate Debtor settled the dispute with the Operational Creditor pursuant to a Deed of Settlement dated 2022-11-24. Furthermore, two claims received after the publication of Form G were also settled, and consent letters for withdrawal of the CIRP were filed by the respective claimants. Form FA was also filed, and the petition has the backing of the Committee of Creditors (CoC) with the required percentage of voting. The Resolution Professional (RP)
…The Resolution Professional (RP) filed an application (IA 1429/2022) seeking leave to withdraw the Corporate Insolvency Resolution Process (CIRP) initiated against K.G.N.Decan Engineering Industries Pvt Ltd. The CIRP was initiated by an order dated 2021-02-19 in CP No.64/2021. The Corporate Debtor settled the dispute with the Operational Creditor through a Deed of Settlement dated 2022-11-24. Two claims received after the publication of Form G were also settled. Consent letters for withdrawal of the CIRP were filed by the respective claimants. Form FA was filed, and the petition is backed by the Committee of Creditors (CoC) with the requisite voting percentage. The RP fee has been settled. The Tribunal perused the settlement deed, Form FA, and other necessary documents
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The Resolution Professional filed an application seeking leave from the Tribunal to withdraw the Corporate Insolvency Resolution Process (CIRP) initiated against the Corporate Debtor. The CIRP was initiated vide an order of the Tribunal in CP No.64/2021 dated 2021-02-19. The basis for the withdrawal application is that the Corporate Debtor settled the dispute with the Operational Creditor pursuant to a Deed of Settlement dated 2022-11-24. Furthermore, two claims received after the publication of Form G were also settled, and consent letters for withdrawal of the CIRP were filed by the respective claimants. Form FA was also filed, and the petition has the backing of the Committee of Creditors (CoC) with the required percentage of voting. The Resolution Professional (RP)
…The Resolution Professional (RP) filed an application (IA 1429/2022) seeking leave to withdraw the Corporate Insolvency Resolution Process (CIRP) initiated against K.G.N.Decan Engineering Industries Pvt Ltd. The CIRP was initiated by an order dated 2021-02-19 in CP No.64/2021. The Corporate Debtor settled the dispute with the Operational Creditor through a Deed of Settlement dated 2022-11-24. Two claims received after the publication of Form G were also settled. Consent letters for withdrawal of the CIRP were filed by the respective claimants. Form FA was filed, and the petition is backed by the Committee of Creditors (CoC) with the requisite voting percentage. The RP fee has been settled. The Tribunal perused the settlement deed, Form FA, and other necessary documents
…The Tribunal initiated the Corporate…
The Corporate Debtor settled the dispute with…