VSJ Investment Private Limited initiated a Corporate Insolvency Resolution Process (CIRP) against Magic Express Technology Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. During the CIRP, a resolution was passed with 100% voting in the 5th Committee of Creditors (CoC) meeting to withdraw the CIRP. Subsequently, an application (IA 5832 of 2023) was filed for the withdrawal of the CIRP. The court considered this application, along with other related IAs (IA 5020 and IA 5446) that were scheduled for a hearing. The key fact is the unanimous decision of the CoC to withdraw the CIRP, which influenced the court's decision to allow the withdrawal application and dispose of the related proceedings.

VSJ Investment Private Limited initiated a Corporate Insolvency Resolution Process (CIRP) against Magic Express Technology Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. During the CIRP, a resolution was passed with 100% voting in the 5th Committee of Creditors (CoC) meeting to withdraw the CIRP. Subsequently, an application (IA 5832 of 2023) was filed for the withdrawal of the CIRP. The court considered this application, along with other related IAs (IA 5020 and IA 5446) that were scheduled for a hearing. The key fact is the unanimous decision of the CoC to withdraw the CIRP, which influenced the court's decision to allow the withdrawal application and dispose of the related proceedings.