The case involves an application filed under Section 12A of the Insolvency and Bankruptcy Code, 2016, read with Regulation 30A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for corporate Persons) Regulations, 2016, by Mr. Praveen Kumar Agrawal, the Resolution Professional of M/s Retail Kart Solution Private Limited ('Corporate Debtor'). The application seeks withdrawal of the Company Petition bearing IB 1807/ND/2019 filed by M/s Techmate Industries ('Operational Creditor') under Section 9 of the Code. The applicant is seeking withdrawal of the CIRP of the Corporate Debtor in view of the settlement agreement dated 24.08.2023 entered between the Operational Creditor and the Corporate Debtor.
M/s Techmate Industries, the Operational Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against M/s Retail Kart Solution Private Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code (IBC). The Adjudicating Authority admitted the petition on 27.02.2020. Subsequently, the Operational Creditor and the Corporate Debtor entered into a settlement agreement dated 24.08.2023, agreeing to a full and final settlement of Rs. 4,00,000 to be paid by the Corporate Debtor. The Committee of Creditors (CoC) unanimously approved the settlement agreement and authorized the Resolution Professional to file an application for withdrawal of the CIRP. The Resolution Professional then filed IA 6223/2023 seeking withdrawal of the CIRP under
…Sign in to view the parties.
The Adjudicating Authority admitted the CP…
In the 1st CoC meeting, the CoC members…
The case involves an application filed under Section 12A of the Insolvency and Bankruptcy Code, 2016, read with Regulation 30A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for corporate Persons) Regulations, 2016, by Mr. Praveen Kumar Agrawal, the Resolution Professional of M/s Retail Kart Solution Private Limited ('Corporate Debtor'). The application seeks withdrawal of the Company Petition bearing IB 1807/ND/2019 filed by M/s Techmate Industries ('Operational Creditor') under Section 9 of the Code. The applicant is seeking withdrawal of the CIRP of the Corporate Debtor in view of the settlement agreement dated 24.08.2023 entered between the Operational Creditor and the Corporate Debtor.
M/s Techmate Industries, the Operational Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against M/s Retail Kart Solution Private Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code (IBC). The Adjudicating Authority admitted the petition on 27.02.2020. Subsequently, the Operational Creditor and the Corporate Debtor entered into a settlement agreement dated 24.08.2023, agreeing to a full and final settlement of Rs. 4,00,000 to be paid by the Corporate Debtor. The Committee of Creditors (CoC) unanimously approved the settlement agreement and authorized the Resolution Professional to file an application for withdrawal of the CIRP. The Resolution Professional then filed IA 6223/2023 seeking withdrawal of the CIRP under
…The Adjudicating Authority admitted the CP…
In the 1st CoC meeting, the CoC members…