The case involves an application (IA-5402/2022) filed by the Financial Creditor under Section 12A seeking withdrawal of the main petition (IB-406/ND/2021). The counsel for the applicant states that the Committee of Creditors (CoC) has passed the necessary resolution for the withdrawal of the petition in its meeting held on October 31, 2022, with 100% voting share. Form-FA, duly signed by the Financial Creditor, has been placed at page 60 of the application. The counsel further submits that all dues of the Resolution Professional (RP) have been paid.
An application (IA-5402/2022) was filed by the Financial Creditor seeking withdrawal of the main insolvency petition (IB-406/ND/2021) under Section 12A of the Insolvency and Bankruptcy Code (IBC). The applicant's counsel submitted that the Committee of Creditors (CoC) approved the withdrawal with a 100% vote in a meeting held on October 31, 2022. A duly signed Form-FA by the Financial Creditor was submitted as evidence. The counsel also confirmed that all dues to the Resolution Professional (RP) had been paid. The relevance of these facts is that they demonstrate compliance with the requirements for withdrawing an insolvency petition under Section 12A, specifically the CoC's approval and settlement of RP dues.
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The Committee of Creditors (CoC) passed a…
The NCLT allowed the withdrawal of the…
The case involves an application (IA-5402/2022) filed by the Financial Creditor under Section 12A seeking withdrawal of the main petition (IB-406/ND/2021). The counsel for the applicant states that the Committee of Creditors (CoC) has passed the necessary resolution for the withdrawal of the petition in its meeting held on October 31, 2022, with 100% voting share. Form-FA, duly signed by the Financial Creditor, has been placed at page 60 of the application. The counsel further submits that all dues of the Resolution Professional (RP) have been paid.
An application (IA-5402/2022) was filed by the Financial Creditor seeking withdrawal of the main insolvency petition (IB-406/ND/2021) under Section 12A of the Insolvency and Bankruptcy Code (IBC). The applicant's counsel submitted that the Committee of Creditors (CoC) approved the withdrawal with a 100% vote in a meeting held on October 31, 2022. A duly signed Form-FA by the Financial Creditor was submitted as evidence. The counsel also confirmed that all dues to the Resolution Professional (RP) had been paid. The relevance of these facts is that they demonstrate compliance with the requirements for withdrawing an insolvency petition under Section 12A, specifically the CoC's approval and settlement of RP dues.
The Committee of Creditors (CoC) passed a…
The NCLT allowed the withdrawal of the…