The case involves an application (IA No. 408/2023) filed by the Resolution Professional (RP) under Section 12A of the Insolvency and Bankruptcy Code (IBC) for the withdrawal of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, Milani Techno Engineering Limited. The application is based on the resolution passed by the Committee of Creditors (CoC) in its 5th meeting held on August 14, 2023, approving the withdrawal of the CIRP due to the non-traceability of the Corporate Debtor and the absence of tangible assets.
The Resolution Professional (RP) filed an application under Section 12A of the Insolvency and Bankruptcy Code, 2016 (IBC) for the withdrawal of the Corporate Insolvency Resolution Process (CIRP) against Milani Techno Engineering Limited. The application was supported by a resolution passed by the Committee of Creditors (CoC) with 100% voting in favor of the withdrawal. The CoC's decision was based on the non-traceability of the Corporate Debtor and the absence of tangible assets. The RP also stated that there are no assets and cash reserves available with the Corporate Debtor, and he is willing to forgo the CIRP cost and fees. The 5th CoC meeting was held on August 14, 2023. There were 18 creditors in class who voted in favor of the resolution.
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The 5th meeting of the Committee of Creditors…
The court allowed the application for…
The case involves an application (IA No. 408/2023) filed by the Resolution Professional (RP) under Section 12A of the Insolvency and Bankruptcy Code (IBC) for the withdrawal of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, Milani Techno Engineering Limited. The application is based on the resolution passed by the Committee of Creditors (CoC) in its 5th meeting held on August 14, 2023, approving the withdrawal of the CIRP due to the non-traceability of the Corporate Debtor and the absence of tangible assets.
The Resolution Professional (RP) filed an application under Section 12A of the Insolvency and Bankruptcy Code, 2016 (IBC) for the withdrawal of the Corporate Insolvency Resolution Process (CIRP) against Milani Techno Engineering Limited. The application was supported by a resolution passed by the Committee of Creditors (CoC) with 100% voting in favor of the withdrawal. The CoC's decision was based on the non-traceability of the Corporate Debtor and the absence of tangible assets. The RP also stated that there are no assets and cash reserves available with the Corporate Debtor, and he is willing to forgo the CIRP cost and fees. The 5th CoC meeting was held on August 14, 2023. There were 18 creditors in class who voted in favor of the resolution.
The 5th meeting of the Committee of Creditors…
The court allowed the application for…