The case involves an application (IA-3265/2024) for the withdrawal of an insolvency resolution process (IB-667(ND)2019) initiated under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The application was filed following a resolution passed by the Committee of Creditors (CoC) to allow the withdrawal. The CoC approved the withdrawal proposal under Section 12A of the IBC, based on a proposal from the ex-management of the Corporate Debtor, Red Topaz Real Estate Private Ltd. The proposal included terms for the proposer to contribute certain amounts as interim finance.
M/s. Renu Proptech Pvt. Ltd. initiated an insolvency application (IB-667(ND)2019) against M/s. Red Topaz Real Estate Pvt. Ltd. under Section 7 of the IBC, 2016. During the Corporate Insolvency Resolution Process (CIRP), a Committee of Creditors (CoC) was formed. The ex-management of Red Topaz Real Estate Private Ltd. proposed a withdrawal of the CIRP under Section 12A of the IBC. The CoC approved the withdrawal proposal with a 93.03% vote share in its 21st meeting held on 2024-05-27. The withdrawal proposal included terms for the ex-management (referred to as the 'Proposer') to contribute certain amounts as interim finance. The Resolution Professional then filed IA-3265/2024 seeking the Adjudicating Authority's approval for the withdrawal. The voting details and the
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The Insolven…
The 21st meeting of the Committee of Creditors…
The case involves an application (IA-3265/2024) for the withdrawal of an insolvency resolution process (IB-667(ND)2019) initiated under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The application was filed following a resolution passed by the Committee of Creditors (CoC) to allow the withdrawal. The CoC approved the withdrawal proposal under Section 12A of the IBC, based on a proposal from the ex-management of the Corporate Debtor, Red Topaz Real Estate Private Ltd. The proposal included terms for the proposer to contribute certain amounts as interim finance.
M/s. Renu Proptech Pvt. Ltd. initiated an insolvency application (IB-667(ND)2019) against M/s. Red Topaz Real Estate Pvt. Ltd. under Section 7 of the IBC, 2016. During the Corporate Insolvency Resolution Process (CIRP), a Committee of Creditors (CoC) was formed. The ex-management of Red Topaz Real Estate Private Ltd. proposed a withdrawal of the CIRP under Section 12A of the IBC. The CoC approved the withdrawal proposal with a 93.03% vote share in its 21st meeting held on 2024-05-27. The withdrawal proposal included terms for the ex-management (referred to as the 'Proposer') to contribute certain amounts as interim finance. The Resolution Professional then filed IA-3265/2024 seeking the Adjudicating Authority's approval for the withdrawal. The voting details and the
…The Insolven…
The 21st meeting of the Committee of Creditors…