The application was filed by Mr. Vivek Bansal-IRP under Section 12A of IBC, 2016 r/w Regulation 30A of IBBI for withdrawal of CIRP. The COC approved the withdrawal proposal in its 5th meeting held on 16.05.2023. The agenda mentioned that there is no business or asset in the company other than scrapped machinery in the possession of Intec Capital, and no future revival or resolution is foreseen.
Intec Capital Ltd. was undergoing CIRP. Mr. Vivek Bansal-IRP filed an application under Section 12A of IBC, 2016, r/w Regulation 30A of IBBI, seeking withdrawal of the CIRP. The COC approved the withdrawal in its 5th meeting held on 16.05.2023. The company's only asset was scrapped machinery. The IRP/RP and Kotak Mahindra Bank Ltd., a major COC member, agreed that continuing CIRP or filing for liquidation was pointless. Kotak Mahindra Bank Ltd., holding 76.27 shares, proposed withdrawal under Section 12A. The cost and expenses of IRP have already been paid.
Sign in to view the parties.
The COC approved the…
The court allowed the…
The application was filed by Mr. Vivek Bansal-IRP under Section 12A of IBC, 2016 r/w Regulation 30A of IBBI for withdrawal of CIRP. The COC approved the withdrawal proposal in its 5th meeting held on 16.05.2023. The agenda mentioned that there is no business or asset in the company other than scrapped machinery in the possession of Intec Capital, and no future revival or resolution is foreseen.
Intec Capital Ltd. was undergoing CIRP. Mr. Vivek Bansal-IRP filed an application under Section 12A of IBC, 2016, r/w Regulation 30A of IBBI, seeking withdrawal of the CIRP. The COC approved the withdrawal in its 5th meeting held on 16.05.2023. The company's only asset was scrapped machinery. The IRP/RP and Kotak Mahindra Bank Ltd., a major COC member, agreed that continuing CIRP or filing for liquidation was pointless. Kotak Mahindra Bank Ltd., holding 76.27 shares, proposed withdrawal under Section 12A. The cost and expenses of IRP have already been paid.
The COC approved the…
The court allowed the…