The case involves an application (IA No. 232/2022) filed under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 30A (1) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, seeking withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against Netxcell Ltd (Corporate Debtor). The CIRP was initiated based on a petition filed by Airhub Technologies Pvt Ltd (Operational Creditor). The IRP filed the application based on a settlement between the Operational Creditor and the Corporate Debtor after the CIRP was initiated. The initial order for CIRP was dated 07.02.2022.
1. Airhub Technologies Pvt Ltd (Operational Creditor) initiated CIRP against Netxcell Ltd (Corporate Debtor) under Section 9 of IBC.
2. The Tribunal admitted the petition and ordered CIRP against the Corporate Debtor on 07.02.2022 (CP No. 61/9/HDB/2020).
3. An Interim Resolution Professional (IRP) was appointed.
4. The IRP received the order of admission on 14.02.2022 and made a public announcement on 17.02.2022.
5. The Operational Creditor and the Corporate Debtor entered into a Deed of Settlement on 04.03.2022.
6. The Operational Creditor submitted Form FA to the IRP, complying with Regulation 30A.
7. The IRP filed an application (IA No. 232/2022) under Section 12A of IBC, seeking withdrawal of the CIRP, citing the settlement.
8. The IRP had already caused public notice
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CP (IB) No.61/9/HDB/2020…
Tribunal order…
The case involves an application (IA No. 232/2022) filed under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 30A (1) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, seeking withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against Netxcell Ltd (Corporate Debtor). The CIRP was initiated based on a petition filed by Airhub Technologies Pvt Ltd (Operational Creditor). The IRP filed the application based on a settlement between the Operational Creditor and the Corporate Debtor after the CIRP was initiated. The initial order for CIRP was dated 07.02.2022.
1. Airhub Technologies Pvt Ltd (Operational Creditor) initiated CIRP against Netxcell Ltd (Corporate Debtor) under Section 9 of IBC.
2. The Tribunal admitted the petition and ordered CIRP against the Corporate Debtor on 07.02.2022 (CP No. 61/9/HDB/2020).
3. An Interim Resolution Professional (IRP) was appointed.
4. The IRP received the order of admission on 14.02.2022 and made a public announcement on 17.02.2022.
5. The Operational Creditor and the Corporate Debtor entered into a Deed of Settlement on 04.03.2022.
6. The Operational Creditor submitted Form FA to the IRP, complying with Regulation 30A.
7. The IRP filed an application (IA No. 232/2022) under Section 12A of IBC, seeking withdrawal of the CIRP, citing the settlement.
8. The IRP had already caused public notice
CP (IB) No.61/9/HDB/2020…
Tribunal order…