The case involves an application filed by the Interim Resolution Professional (IRP) under Section 12A of the Insolvency and Bankruptcy Code (IBC), read with regulation 30A(1)(a) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, seeking withdrawal of the Corporate Insolvency Resolution Process (CIRP). The matter was reportedly settled amicably between the Operational Creditor and the Corporate Debtor. The IRP submitted that Form FA dated 29/04/2022 was received from the Operational Creditor, and no Committee of Creditors (CoC) was formed. The IRP also confirmed that his fees and CIRP costs have been paid in full by the petitioning Operational Creditor.
The Interim Resolution Professional (IRP) filed an application under Section 12A of the Insolvency and Bankruptcy Code (IBC) seeking withdrawal of the Corporate Insolvency Resolution Process (CIRP). The application was based on a settlement reached amicably between the Operational Creditor and the Corporate Debtor. Form FA dated 29/04/2022 was submitted by the Operational Creditor. No Committee of Creditors (CoC) was formed in this case. The IRP confirmed that his fees and CIRP costs were fully paid by the Operational Creditor. The CIRP had been initiated against the Corporate Debtor vide order dated 25/02/2020. The key fact is the amicable settlement between the parties before the formation of a CoC, which influenced the court's decision to allow the withdrawal of the
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CIRP initiated against…
Form FA dated…
The case involves an application filed by the Interim Resolution Professional (IRP) under Section 12A of the Insolvency and Bankruptcy Code (IBC), read with regulation 30A(1)(a) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, seeking withdrawal of the Corporate Insolvency Resolution Process (CIRP). The matter was reportedly settled amicably between the Operational Creditor and the Corporate Debtor. The IRP submitted that Form FA dated 29/04/2022 was received from the Operational Creditor, and no Committee of Creditors (CoC) was formed. The IRP also confirmed that his fees and CIRP costs have been paid in full by the petitioning Operational Creditor.
The Interim Resolution Professional (IRP) filed an application under Section 12A of the Insolvency and Bankruptcy Code (IBC) seeking withdrawal of the Corporate Insolvency Resolution Process (CIRP). The application was based on a settlement reached amicably between the Operational Creditor and the Corporate Debtor. Form FA dated 29/04/2022 was submitted by the Operational Creditor. No Committee of Creditors (CoC) was formed in this case. The IRP confirmed that his fees and CIRP costs were fully paid by the Operational Creditor. The CIRP had been initiated against the Corporate Debtor vide order dated 25/02/2020. The key fact is the amicable settlement between the parties before the formation of a CoC, which influenced the court's decision to allow the withdrawal of the
…CIRP initiated against…
Form FA dated…