The case involves an application (I.A. 1265/2022) filed by the Operational Creditor for the withdrawal of the Corporate Insolvency Resolution Process (CIRP) due to a settlement between the parties. The Bench noted that the initial order was pronounced on 2022-04-28, but the copy was not uploaded, and there was no communication to the Interim Resolution Professional (IRP), and no Committee of Creditors (COC) was formed.
Mahavir Chemicals initiated CIRP against NRW Polymers Pvt Ltd under Section 9 of the Insolvency and Bankruptcy Code, 2016. An order was pronounced on 2022-04-28, but the order copy was not uploaded, and the IRP was not communicated with, resulting in no COC formation. Subsequently, Mahavir Chemicals filed I.A. 1265/2022 seeking withdrawal of the CIRP due to a settlement reached with NRW Polymers Pvt Ltd. The court considered the settlement and the lack of progress in the CIRP due to the procedural lapses.
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The CIRP ord…
Hearing of Mumbai Bench…
The case involves an application (I.A. 1265/2022) filed by the Operational Creditor for the withdrawal of the Corporate Insolvency Resolution Process (CIRP) due to a settlement between the parties. The Bench noted that the initial order was pronounced on 2022-04-28, but the copy was not uploaded, and there was no communication to the Interim Resolution Professional (IRP), and no Committee of Creditors (COC) was formed.
Mahavir Chemicals initiated CIRP against NRW Polymers Pvt Ltd under Section 9 of the Insolvency and Bankruptcy Code, 2016. An order was pronounced on 2022-04-28, but the order copy was not uploaded, and the IRP was not communicated with, resulting in no COC formation. Subsequently, Mahavir Chemicals filed I.A. 1265/2022 seeking withdrawal of the CIRP due to a settlement reached with NRW Polymers Pvt Ltd. The court considered the settlement and the lack of progress in the CIRP due to the procedural lapses.
The CIRP ord…
Hearing of Mumbai Bench…