The case pertains to an application filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The application, IA/95(MP)2022, was initiated by Omkara Assets Reconstruction Pvt Ltd against Powerage Towers Ltd. The Interim Resolution Professional (IRP) filed the application under Section 12A of the IBC, read with Regulation 30A of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulation, 2016.
Omkara Assets Reconstruction Pvt Ltd initiated an application (IA/95(MP)2022) under Section 7 of the IBC against Powerage Towers Ltd. The IRP filed the application under Section 12A of the IBC, read with Regulation 30A of the IBBI Regulations. After the Corporate Debtor was admitted into CIRP, a settlement was reached between the Original Financial Creditor and the Original Corporate Debtor. Consequently, the CoC was not formed. The parties' settlement led to the Corporate Debtor's release from the CIRP.
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IA/95(MP)2022…
Settlement reached between Original Financial…
The case pertains to an application filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The application, IA/95(MP)2022, was initiated by Omkara Assets Reconstruction Pvt Ltd against Powerage Towers Ltd. The Interim Resolution Professional (IRP) filed the application under Section 12A of the IBC, read with Regulation 30A of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulation, 2016.
Omkara Assets Reconstruction Pvt Ltd initiated an application (IA/95(MP)2022) under Section 7 of the IBC against Powerage Towers Ltd. The IRP filed the application under Section 12A of the IBC, read with Regulation 30A of the IBBI Regulations. After the Corporate Debtor was admitted into CIRP, a settlement was reached between the Original Financial Creditor and the Original Corporate Debtor. Consequently, the CoC was not formed. The parties' settlement led to the Corporate Debtor's release from the CIRP.
IA/95(MP)2022…
Settlement reached between Original Financial…