The case involves an application (IA/4143/ND/2023) in an insolvency proceeding (IB/585/ND/2019) before the National Company Law Tribunal (NCLT), New Delhi. The application pertains to the withdrawal of the insolvency petition under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016. The Committee of Creditors (CoC) passed a resolution with 90% voting share to withdraw the petition.
K.B Polychem (India) Ltd is the applicant in an insolvency application IB/585/ND/2019 against Rapt Industries Pvt Ltd, the respondent. An application IA/4143/ND/2023 was filed seeking withdrawal of the insolvency application under Section 12A of the IBC, 2016. The CoC passed a resolution on 25.07.2023 with 90% voting share to withdraw the petition. The applicant's counsel presented this resolution to the NCLT. The resolution was for filing an application under Section 12A of IBC, 2016 to withdraw IB/585/ND/2019.
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The Committee of Creditors (CoC) passed a…
The NCLT allowed the application…
The case involves an application (IA/4143/ND/2023) in an insolvency proceeding (IB/585/ND/2019) before the National Company Law Tribunal (NCLT), New Delhi. The application pertains to the withdrawal of the insolvency petition under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016. The Committee of Creditors (CoC) passed a resolution with 90% voting share to withdraw the petition.
K.B Polychem (India) Ltd is the applicant in an insolvency application IB/585/ND/2019 against Rapt Industries Pvt Ltd, the respondent. An application IA/4143/ND/2023 was filed seeking withdrawal of the insolvency application under Section 12A of the IBC, 2016. The CoC passed a resolution on 25.07.2023 with 90% voting share to withdraw the petition. The applicant's counsel presented this resolution to the NCLT. The resolution was for filing an application under Section 12A of IBC, 2016 to withdraw IB/585/ND/2019.
The Committee of Creditors (CoC) passed a…
The NCLT allowed the application…