The case involves an Interlocutory Application (I.A. 981/2022) 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 was initiated against the Corporate Debtor, Resources World Exim PrivateLimited, due to a settlement. The Committee of Creditors (CoC) in its 12th meeting dated 07.04.2022, passed a resolution for withdrawal of the CIRP with 100% voting share as the matter was settled.
The Bank of India initiated a Corporate Insolvency Resolution Process (CIRP) against Resources World Exim PrivateLimited. The Interim Resolution Professional (IRP) filed I.A. 981/2022 under Section 12A of the Insolvency and Bankruptcy Code to withdraw the CIRP due to a settlement. The Committee of Creditors (CoC) approved the withdrawal in its 12th meeting on 07.04.2022 with a 100% vote share. The IRP confirmed receiving the CIRP costs. The CIRP order was initially passed on 19.11.2019. The relevance of these facts lies in demonstrating the process followed for withdrawing a CIRP based on a settlement between the parties and the approval of the CoC.
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The Corporate Insolvency Resolution Process…
The Committee of Creditors (CoC) held its…
The case involves an Interlocutory Application (I.A. 981/2022) 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 was initiated against the Corporate Debtor, Resources World Exim PrivateLimited, due to a settlement. The Committee of Creditors (CoC) in its 12th meeting dated 07.04.2022, passed a resolution for withdrawal of the CIRP with 100% voting share as the matter was settled.
The Bank of India initiated a Corporate Insolvency Resolution Process (CIRP) against Resources World Exim PrivateLimited. The Interim Resolution Professional (IRP) filed I.A. 981/2022 under Section 12A of the Insolvency and Bankruptcy Code to withdraw the CIRP due to a settlement. The Committee of Creditors (CoC) approved the withdrawal in its 12th meeting on 07.04.2022 with a 100% vote share. The IRP confirmed receiving the CIRP costs. The CIRP order was initially passed on 19.11.2019. The relevance of these facts lies in demonstrating the process followed for withdrawing a CIRP based on a settlement between the parties and the approval of the CoC.
The Corporate Insolvency Resolution Process…
The Committee of Creditors (CoC) held its…