The case involves applications (IA/268(MP)2024, IA/330(MP)2024, and IA/331(MP)2024) filed in connection with a Corporate Insolvency Resolution Process (CIRP) initiated against Laxmi Engineering Industries (Bhopal) Pvt Ltd under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The initial application, C.P.(IB)/8(MP)2022, was filed by Canara Bank. IA/268(MP)2024 sought an extension of the CIRP period, IA/330(MP)2024 concerned an urgent hearing related to IA/268(MP)2024, and IA/331(MP)2024 requested withdrawal of the CIRP following payments made by the Financial Creditor.
Canara Bank initiated Corporate Insolvency Resolution Process (CIRP) against Laxmi Engineering Industries (Bhopal) Pvt Ltd through C.P.(IB)/8(MP)2022. The Resolution Professional (RP) filed IA/268(MP)2024 seeking a 45-day extension to complete the CIRP after the initial 270-day period expired. IA/330(MP)2024 was filed for urgent hearing of IA/268(MP)2024. Subsequently, IA/331(MP)2024 was filed by the RP under Section 12A of the IBC, 2016, seeking withdrawal of the CIRP because the Financial Creditor made the payments. The CIRP was initiated vide order dated 28.07.2023. The court considered the submissions of the RP and the fact that payments had been made by the Financial Creditor. The relevance of the payment is that it allows for the withdrawal of the CIRP,
…Sign in to view the parties.
Main petition filed…
Order initiating the Corporate Insolvency…
The case involves applications (IA/268(MP)2024, IA/330(MP)2024, and IA/331(MP)2024) filed in connection with a Corporate Insolvency Resolution Process (CIRP) initiated against Laxmi Engineering Industries (Bhopal) Pvt Ltd under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The initial application, C.P.(IB)/8(MP)2022, was filed by Canara Bank. IA/268(MP)2024 sought an extension of the CIRP period, IA/330(MP)2024 concerned an urgent hearing related to IA/268(MP)2024, and IA/331(MP)2024 requested withdrawal of the CIRP following payments made by the Financial Creditor.
Canara Bank initiated Corporate Insolvency Resolution Process (CIRP) against Laxmi Engineering Industries (Bhopal) Pvt Ltd through C.P.(IB)/8(MP)2022. The Resolution Professional (RP) filed IA/268(MP)2024 seeking a 45-day extension to complete the CIRP after the initial 270-day period expired. IA/330(MP)2024 was filed for urgent hearing of IA/268(MP)2024. Subsequently, IA/331(MP)2024 was filed by the RP under Section 12A of the IBC, 2016, seeking withdrawal of the CIRP because the Financial Creditor made the payments. The CIRP was initiated vide order dated 28.07.2023. The court considered the submissions of the RP and the fact that payments had been made by the Financial Creditor. The relevance of the payment is that it allows for the withdrawal of the CIRP,
…Main petition filed…
Order initiating the Corporate Insolvency…