The case involves an application (IA/2539/2021) filed by the Interim Resolution Professional (IRP), Nitin Om Kothari, under section 12A of the Insolvency and Bankruptcy Code, 2016, seeking withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against Meta Arch Private Limited. Several other IAs were filed, including one by Ramesh Bhagwandas Chhabria seeking intervention and rejection of IA/2539/2021, and another seeking to punish the IRP for wilful disobedience. Kotak Mahindra Bank also filed an IA seeking directions to decide the section 12A application urgently. Prasad Joshi, a member of the Committee of Creditors, filed an IA for dismissal of IA/2539/2021 and appointment of a new Resolution Professional.
The CIRP was initiated against Meta Arch Private Limited. Nitin Om Kothari was appointed as the Interim Resolution Professional (IRP). A member of the Corporate Debtor paid Rs. 16,23,808/- to Ardex Endura (India) Private Limited, the Original Petitioner/Operational Creditor. The Original Petitioner sent Form FA for withdrawal of the CIRP. Ramesh Bhagwandas Chhabria filed a claim of Rs. 23,25,80,664/- which was rejected by the IRP. The IRP stated that Ramesh Chhabria is a debtor, not a lender, to Meta Arch Pvt. Ltd., with Rs. 7.96 Crore due from him. Meta Arch Pvt. Ltd. initiated recovery proceedings against Ramesh Chhabria. The NCLAT stayed the operation of an earlier order pending the decision on the Section 12A application. The IRP filed IA/2539/2021 seeking
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CIRP was initiated…
A member of the Corporate Debtor paid Rs.…
The case involves an application (IA/2539/2021) filed by the Interim Resolution Professional (IRP), Nitin Om Kothari, under section 12A of the Insolvency and Bankruptcy Code, 2016, seeking withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against Meta Arch Private Limited. Several other IAs were filed, including one by Ramesh Bhagwandas Chhabria seeking intervention and rejection of IA/2539/2021, and another seeking to punish the IRP for wilful disobedience. Kotak Mahindra Bank also filed an IA seeking directions to decide the section 12A application urgently. Prasad Joshi, a member of the Committee of Creditors, filed an IA for dismissal of IA/2539/2021 and appointment of a new Resolution Professional.
The CIRP was initiated against Meta Arch Private Limited. Nitin Om Kothari was appointed as the Interim Resolution Professional (IRP). A member of the Corporate Debtor paid Rs. 16,23,808/- to Ardex Endura (India) Private Limited, the Original Petitioner/Operational Creditor. The Original Petitioner sent Form FA for withdrawal of the CIRP. Ramesh Bhagwandas Chhabria filed a claim of Rs. 23,25,80,664/- which was rejected by the IRP. The IRP stated that Ramesh Chhabria is a debtor, not a lender, to Meta Arch Pvt. Ltd., with Rs. 7.96 Crore due from him. Meta Arch Pvt. Ltd. initiated recovery proceedings against Ramesh Chhabria. The NCLAT stayed the operation of an earlier order pending the decision on the Section 12A application. The IRP filed IA/2539/2021 seeking
…CIRP was initiated…
A member of the Corporate Debtor paid Rs.…