The case involves a Company Petition (IB/47/9/HDB/2022) filed for the initiation of Corporate Insolvency Resolution Process (CIRP) against a Corporate Debtor. The CIRP was initially admitted, and an Interim Resolution Professional (IRP) was appointed. Subsequently, an application (IA No.468 of 2022) was filed by the IRP seeking leave to withdraw the CIRP based on a settlement between the Corporate Debtor and the Financial Creditor.
A Company Petition (IB/47/9/HDB/2022) was filed to initiate CIRP against a Corporate Debtor. The CIRP was admitted, and an IRP was appointed on 29.04.2022. The IRP then filed IA No.468 of 2022 seeking to withdraw the CIRP due to a settlement reached between the Corporate Debtor and the Financial Creditor, formalized in a Settlement Deed dated 10.05.2022. According to the settlement, the Operational Creditor would receive the owed amount in three installments via post-dated cheques. D. Suneela Reddy signed the Deed of Settlement on behalf of the Operational Creditor, and M. Vamsi Krishna signed on behalf of the Corporate Debtor. IA No.440 of 2022 was not pressed by the petitioner's counsel. An interim direction issued on 05.05.2022 was vacated.
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CIRP was ordered…
Interim direct…
The case involves a Company Petition (IB/47/9/HDB/2022) filed for the initiation of Corporate Insolvency Resolution Process (CIRP) against a Corporate Debtor. The CIRP was initially admitted, and an Interim Resolution Professional (IRP) was appointed. Subsequently, an application (IA No.468 of 2022) was filed by the IRP seeking leave to withdraw the CIRP based on a settlement between the Corporate Debtor and the Financial Creditor.
A Company Petition (IB/47/9/HDB/2022) was filed to initiate CIRP against a Corporate Debtor. The CIRP was admitted, and an IRP was appointed on 29.04.2022. The IRP then filed IA No.468 of 2022 seeking to withdraw the CIRP due to a settlement reached between the Corporate Debtor and the Financial Creditor, formalized in a Settlement Deed dated 10.05.2022. According to the settlement, the Operational Creditor would receive the owed amount in three installments via post-dated cheques. D. Suneela Reddy signed the Deed of Settlement on behalf of the Operational Creditor, and M. Vamsi Krishna signed on behalf of the Corporate Debtor. IA No.440 of 2022 was not pressed by the petitioner's counsel. An interim direction issued on 05.05.2022 was vacated.
CIRP was ordered…
Interim direct…