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 Interlocutory 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 2022-04-29. Subsequently, the IRP filed IA No.468 of 2022 under Section 12A of the I&B Code, 2016, read with Regulation 30A of the IBBI Regulations, seeking to withdraw the CIRP. This request was based on a settlement deed dated 2022-05-10 between the Corporate Debtor and the Financial Creditor, where the Operational Creditor agreed to receive the owed amount in 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. The petitioner's counsel did not press IA No.440 of 2022 due to the settlement.
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CIRP was initiated…
A settlement deed was…
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 Interlocutory 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 2022-04-29. Subsequently, the IRP filed IA No.468 of 2022 under Section 12A of the I&B Code, 2016, read with Regulation 30A of the IBBI Regulations, seeking to withdraw the CIRP. This request was based on a settlement deed dated 2022-05-10 between the Corporate Debtor and the Financial Creditor, where the Operational Creditor agreed to receive the owed amount in 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. The petitioner's counsel did not press IA No.440 of 2022 due to the settlement.
CIRP was initiated…
A settlement deed was…