The case involves an application filed by the Interim Resolution Professional (IRP) under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulation 30A of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, seeking withdrawal of the Corporate Insolvency Resolution Process (CIRP). The matter was settled between the parties before the constitution of the Committee of Creditors (COC). The IRP also sought restoration of the management of the Corporate Debtor to the Suspended Directors and discharge of the IRP, as well as approval for payment of IRP fees and CIRP costs.
Karveer Nivasini Engineers & Suppliers initiated a Corporate Insolvency Resolution Process (CIRP) against Popular Steel Works and Agricultural Implements Private Limited under Section 9 of the IBC, 2016. An Interim Resolution Professional (IRP) was appointed. Before the Committee of Creditors (COC) could be constituted, the parties reached a settlement. The IRP then filed an application (I.A. 4519/2023) under Section 12A of the IBC, 2016, seeking withdrawal of the CIRP. The application also sought restoration of the management to the suspended directors, discharge of the IRP, and approval for payment of IRP fees and CIRP costs. The IRP had visited the Corporate Debtor's office on several occasions as per the instructions of the NCLAT. The Operational Creditor had
…Sign in to view the parties.
Order sheet of the…
The Interim Resolution Professional submits the…
The case involves an application filed by the Interim Resolution Professional (IRP) under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulation 30A of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, seeking withdrawal of the Corporate Insolvency Resolution Process (CIRP). The matter was settled between the parties before the constitution of the Committee of Creditors (COC). The IRP also sought restoration of the management of the Corporate Debtor to the Suspended Directors and discharge of the IRP, as well as approval for payment of IRP fees and CIRP costs.
Karveer Nivasini Engineers & Suppliers initiated a Corporate Insolvency Resolution Process (CIRP) against Popular Steel Works and Agricultural Implements Private Limited under Section 9 of the IBC, 2016. An Interim Resolution Professional (IRP) was appointed. Before the Committee of Creditors (COC) could be constituted, the parties reached a settlement. The IRP then filed an application (I.A. 4519/2023) under Section 12A of the IBC, 2016, seeking withdrawal of the CIRP. The application also sought restoration of the management to the suspended directors, discharge of the IRP, and approval for payment of IRP fees and CIRP costs. The IRP had visited the Corporate Debtor's office on several occasions as per the instructions of the NCLAT. The Operational Creditor had
…Order sheet of the…
The Interim Resolution Professional submits the…