The case involves an application for withdrawal of a Company Petition (IB) No. 1289 of 2018 filed by Edelweiss Asset Reconstruction Company Limited against Mansarovar Heritage INN Pvt Ltd under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The application for withdrawal was filed under Section 12A of the IBC, read with Regulation 30A(1) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The financial creditor sought to withdraw the petition based on the receipt of Form FA and approval by 100% of the Committee of Creditors (CoC).
Edelweiss Asset Reconstructions Co. Ltd. filed a Company Petition (IB) No. 1289 of 2018 against Mansarovar Heritage INN Pvt Ltd under Section 7 of the IBC. Edelweiss, being the sole financial creditor, submitted Form FA for withdrawal of the petition. The CoC, consisting solely of Edelweiss, approved the withdrawal with 100% voting share. The application for withdrawal was filed under Section 12A of the IBC. The RP stated that no viable resolution plan was received despite multiple attempts. Litigation was ongoing before the Rajasthan High Court and the Jaipur Development Authority (JDA) due to the cancellation of the lease of land and demolition of two towers constructed by the corporate debtor. The RP requested an exclusion of 22 days from the CIRP period. The
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Company Petition (IB) No. 1289 of 2018 filed…
Form FA submitted by…
The case involves an application for withdrawal of a Company Petition (IB) No. 1289 of 2018 filed by Edelweiss Asset Reconstruction Company Limited against Mansarovar Heritage INN Pvt Ltd under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The application for withdrawal was filed under Section 12A of the IBC, read with Regulation 30A(1) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The financial creditor sought to withdraw the petition based on the receipt of Form FA and approval by 100% of the Committee of Creditors (CoC).
Edelweiss Asset Reconstructions Co. Ltd. filed a Company Petition (IB) No. 1289 of 2018 against Mansarovar Heritage INN Pvt Ltd under Section 7 of the IBC. Edelweiss, being the sole financial creditor, submitted Form FA for withdrawal of the petition. The CoC, consisting solely of Edelweiss, approved the withdrawal with 100% voting share. The application for withdrawal was filed under Section 12A of the IBC. The RP stated that no viable resolution plan was received despite multiple attempts. Litigation was ongoing before the Rajasthan High Court and the Jaipur Development Authority (JDA) due to the cancellation of the lease of land and demolition of two towers constructed by the corporate debtor. The RP requested an exclusion of 22 days from the CIRP period. The
…Company Petition (IB) No. 1289 of 2018 filed…
Form FA submitted by…