The case involves an application (IA. NO. 893/ND/2023) in a corporate insolvency resolution process (CIRP) initiated via Company Petition No. (IB)-464(ND)/2019. The applicant, Ashika Credit Capital Limited, sought to withdraw the Section 7 application. During the pendency of the IA, Mr. Vinay Gupta uploaded an affidavit stating that the Appellate Tribunal had permitted withdrawal by the parties.
Ashika Credit Capital Limited initiated CIRP against MICA Industries Limited via Company Petition No. (IB)-464(ND)/2019. Ashika Credit Capital Limited then filed IA. NO. 893/ND/2023 seeking to withdraw the Section 7 application. Mr. Vinay Gupta, a member of the suspended board of directors of Mica Industries Limited, uploaded an affidavit stating that the Appellate Tribunal had permitted withdrawal. The NCLAT passed an order on 20.02.2023 in Company Appeal (At) (Insolvency) No. 165 & 166 of 2023, setting aside the order dated 11.01.2023, which had admitted MICA Industries Limited to CIRP. The application to withdraw Section 7 was filed on 02.03.2023 before the constitution of CoC.
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Company Petition No. (IB)-464(ND)/2019 filed…
Impugned order passed,…
The case involves an application (IA. NO. 893/ND/2023) in a corporate insolvency resolution process (CIRP) initiated via Company Petition No. (IB)-464(ND)/2019. The applicant, Ashika Credit Capital Limited, sought to withdraw the Section 7 application. During the pendency of the IA, Mr. Vinay Gupta uploaded an affidavit stating that the Appellate Tribunal had permitted withdrawal by the parties.
Ashika Credit Capital Limited initiated CIRP against MICA Industries Limited via Company Petition No. (IB)-464(ND)/2019. Ashika Credit Capital Limited then filed IA. NO. 893/ND/2023 seeking to withdraw the Section 7 application. Mr. Vinay Gupta, a member of the suspended board of directors of Mica Industries Limited, uploaded an affidavit stating that the Appellate Tribunal had permitted withdrawal. The NCLAT passed an order on 20.02.2023 in Company Appeal (At) (Insolvency) No. 165 & 166 of 2023, setting aside the order dated 11.01.2023, which had admitted MICA Industries Limited to CIRP. The application to withdraw Section 7 was filed on 02.03.2023 before the constitution of CoC.
Company Petition No. (IB)-464(ND)/2019 filed…
Impugned order passed,…