The case involves an application (I.A. 2176/2022) filed by the Interim Resolution Professional (IRP) under Section 12A of the Insolvency and Bankruptcy Code for the withdrawal of the Corporate Insolvency Resolution Process (CIRP) order. The CIRP order was initially passed against the Corporate Debtor on 12.05.2022. The matter was settled between the parties through a settlement agreement dated 29.06.2022, executed on 30.06.2022, before the constitution of the Committee of Creditors (COC) by the IRP.
The Corporate Debtor, Mirah Dekor Pvt Ltd, was subject to a CIRP order dated 12.05.2022. The Interim Resolution Professional (IRP) filed an application (I.A. 2176/2022) under Section 12A of the Insolvency and Bankruptcy Code to withdraw the CIRP order. A settlement agreement was reached between Mirah Dekor Pvt Ltd and Promozone India Pvt Ltd on 29.06.2022, executed on 30.06.2022, before the constitution of the Committee of Creditors (COC). As per the settlement, the Corporate Debtor agreed to pay Rs. 40,00,000/- as full and final settlement. The IRP confirmed receipt of CIRP costs, including his fee. The key fact is that the settlement was reached before the COC was formed, thus negating the requirement for COC approval.
Sign in to view the parties.
CIRP order…
Settlement agreement…
The case involves an application (I.A. 2176/2022) filed by the Interim Resolution Professional (IRP) under Section 12A of the Insolvency and Bankruptcy Code for the withdrawal of the Corporate Insolvency Resolution Process (CIRP) order. The CIRP order was initially passed against the Corporate Debtor on 12.05.2022. The matter was settled between the parties through a settlement agreement dated 29.06.2022, executed on 30.06.2022, before the constitution of the Committee of Creditors (COC) by the IRP.
The Corporate Debtor, Mirah Dekor Pvt Ltd, was subject to a CIRP order dated 12.05.2022. The Interim Resolution Professional (IRP) filed an application (I.A. 2176/2022) under Section 12A of the Insolvency and Bankruptcy Code to withdraw the CIRP order. A settlement agreement was reached between Mirah Dekor Pvt Ltd and Promozone India Pvt Ltd on 29.06.2022, executed on 30.06.2022, before the constitution of the Committee of Creditors (COC). As per the settlement, the Corporate Debtor agreed to pay Rs. 40,00,000/- as full and final settlement. The IRP confirmed receipt of CIRP costs, including his fee. The key fact is that the settlement was reached before the COC was formed, thus negating the requirement for COC approval.
CIRP order…
Settlement agreement…