The case involves an application (IA(IBC)555/2022) filed in connection with a Corporate Insolvency Resolution Process (CIRP) initiated against Novus Green Energy Systems Ltd. The CIRP was ordered in CP(IB) 419/9/HBD/2020. The applicant, presumably the Interim Resolution Professional (IRP), sought leave of the Tribunal to withdraw the CIRP. The basis for the withdrawal was a settlement reached between the parties, evidenced by a Memorandum of Compromise dated 2022-06-10.
Saiteja Constructions initiated a Corporate Insolvency Resolution Process (CIRP) against Novus Green Energy Systems Ltd. The CIRP was ordered against Novus Green Energy Systems Ltd. via an order dated 2022-05-13. Subsequently, the parties reached a settlement, documented in a Memorandum of Compromise dated 2022-06-10. The Interim Resolution Professional (IRP) then filed IA(IBC) No.555 of 2022 seeking leave to withdraw the CIRP based on this settlement. The court considered the settlement and the submissions of the IRP and the petitioner's counsel, who stated that the matter had been settled amicably. The key fact is the settlement reached between the parties, which formed the basis for the withdrawal application.
Sign in to view the parties.
Corporate Insolvency…
Parties entere…
The case involves an application (IA(IBC)555/2022) filed in connection with a Corporate Insolvency Resolution Process (CIRP) initiated against Novus Green Energy Systems Ltd. The CIRP was ordered in CP(IB) 419/9/HBD/2020. The applicant, presumably the Interim Resolution Professional (IRP), sought leave of the Tribunal to withdraw the CIRP. The basis for the withdrawal was a settlement reached between the parties, evidenced by a Memorandum of Compromise dated 2022-06-10.
Saiteja Constructions initiated a Corporate Insolvency Resolution Process (CIRP) against Novus Green Energy Systems Ltd. The CIRP was ordered against Novus Green Energy Systems Ltd. via an order dated 2022-05-13. Subsequently, the parties reached a settlement, documented in a Memorandum of Compromise dated 2022-06-10. The Interim Resolution Professional (IRP) then filed IA(IBC) No.555 of 2022 seeking leave to withdraw the CIRP based on this settlement. The court considered the settlement and the submissions of the IRP and the petitioner's counsel, who stated that the matter had been settled amicably. The key fact is the settlement reached between the parties, which formed the basis for the withdrawal application.
Corporate Insolvency…
Parties entere…