The application was filed seeking leave of the Tribunal to withdraw the CIRP proceedings ordered against the Corporate Debtor. The Corporate Debtor and the Operational Creditor entered into a settlement and resolved the dispute after the CIRP was triggered. The COC was not constituted by the time of entering into settlement. Form FA has been enclosed at page 12 to the Application. The IRP submitted that post publication of notice, six operational creditors submitted their claims. The leave is sought for withdrawal.
Kabamy India LLP, the Operational Creditor, initiated CIRP against Lumiford Pvt Ltd, the Corporate Debtor. After the CIRP was triggered, both parties entered into a settlement to resolve the dispute. The COC was not constituted at the time of settlement. Six operational creditors submitted their claims after the publication of notice. An application was filed seeking leave to withdraw the CIRP proceedings based on the settlement. The IRP supported the withdrawal application. The Tribunal considered the application and the submissions made by the IRP and the counsel for the applicant.
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Attendance cum order…
CIRP initiated…
The application was filed seeking leave of the Tribunal to withdraw the CIRP proceedings ordered against the Corporate Debtor. The Corporate Debtor and the Operational Creditor entered into a settlement and resolved the dispute after the CIRP was triggered. The COC was not constituted by the time of entering into settlement. Form FA has been enclosed at page 12 to the Application. The IRP submitted that post publication of notice, six operational creditors submitted their claims. The leave is sought for withdrawal.
Kabamy India LLP, the Operational Creditor, initiated CIRP against Lumiford Pvt Ltd, the Corporate Debtor. After the CIRP was triggered, both parties entered into a settlement to resolve the dispute. The COC was not constituted at the time of settlement. Six operational creditors submitted their claims after the publication of notice. An application was filed seeking leave to withdraw the CIRP proceedings based on the settlement. The IRP supported the withdrawal application. The Tribunal considered the application and the submissions made by the IRP and the counsel for the applicant.
Attendance cum order…
CIRP initiated…