The case involves an application (I.A. 404/KB/2022) filed by a member of the suspended board of directors seeking recall of the order dated 26/04/2022, which initiated the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The applicant sought withdrawal of the petition and was directed to deposit Rs.1,00,000/- with the Prime Minister's National Relief Fund, which was complied with on 06/05/2022.
On 26/04/2022, an order was passed initiating Corporate Insolvency Resolution Process (CIRP) against a Corporate Debtor. A member of the suspended board of directors filed an application (I.A. 404/KB/2022) seeking recall of this order. The applicant sought to withdraw the petition. The court directed the applicant to deposit Rs. 1,00,000/- with the Prime Minister's National Relief Fund. The deposit was made on 06/05/2022. The parties reached a settlement, and no Committee of Creditors (CoC) had been constituted. The court considered the application under section 12A of the Code. The key facts are the settlement between the parties, the absence of a CoC, and the deposit made by the applicant, which influenced the court's decision to allow the withdrawal and recall the
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An order was passed initiating the Corporate…
The applicant deposited Rs. 1,00,000/- with the…
The case involves an application (I.A. 404/KB/2022) filed by a member of the suspended board of directors seeking recall of the order dated 26/04/2022, which initiated the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The applicant sought withdrawal of the petition and was directed to deposit Rs.1,00,000/- with the Prime Minister's National Relief Fund, which was complied with on 06/05/2022.
On 26/04/2022, an order was passed initiating Corporate Insolvency Resolution Process (CIRP) against a Corporate Debtor. A member of the suspended board of directors filed an application (I.A. 404/KB/2022) seeking recall of this order. The applicant sought to withdraw the petition. The court directed the applicant to deposit Rs. 1,00,000/- with the Prime Minister's National Relief Fund. The deposit was made on 06/05/2022. The parties reached a settlement, and no Committee of Creditors (CoC) had been constituted. The court considered the application under section 12A of the Code. The key facts are the settlement between the parties, the absence of a CoC, and the deposit made by the applicant, which influenced the court's decision to allow the withdrawal and recall the
…An order was passed initiating the Corporate…
The applicant deposited Rs. 1,00,000/- with the…