The case involves an application (IA-2153/2022) filed by the Resolution Professional (RP) under Section 12A for withdrawal of the Company Petition [C.P.(IB)/3382(MB)/2019] after its admission into Corporate Insolvency Resolution Process (CIRP). The petition was initially admitted on 19.01.2022, and an Interim Resolution Professional (IRP) was appointed. A Committee of Creditors (CoC) was constituted on 12.02.2022, and the first CoC meeting was held on 22.02.2022. Subsequently, the Corporate Debtor and the original Petitioner entered into a settlement agreement on 05.03.2022, which was submitted in the second CoC meeting held on 23.03.2022 and approved with 90% voting of the CoC.
The Company Petition [C.P.(IB)/3382(MB)/2019] was admitted on 19.01.2022, initiating CIRP. An IRP was appointed, and a CoC was formed on 12.02.2022. The first CoC meeting occurred on 22.02.2022. A settlement agreement was reached between the Corporate Debtor and the original Petitioner on 05.03.2022. This agreement was submitted to the CoC and approved with 90% voting on 23.03.2022. The RP then filed IA-2153/2022 under Section 12A for withdrawal of the Company Petition, confirming that all fees and expenses were received. This settlement is a key fact, as it forms the basis for the withdrawal application and subsequent dismissal of the CIRP.
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The Company Petition [C.P.(IB)/3382(MB)/2019]…
The Committ…
The case involves an application (IA-2153/2022) filed by the Resolution Professional (RP) under Section 12A for withdrawal of the Company Petition [C.P.(IB)/3382(MB)/2019] after its admission into Corporate Insolvency Resolution Process (CIRP). The petition was initially admitted on 19.01.2022, and an Interim Resolution Professional (IRP) was appointed. A Committee of Creditors (CoC) was constituted on 12.02.2022, and the first CoC meeting was held on 22.02.2022. Subsequently, the Corporate Debtor and the original Petitioner entered into a settlement agreement on 05.03.2022, which was submitted in the second CoC meeting held on 23.03.2022 and approved with 90% voting of the CoC.
The Company Petition [C.P.(IB)/3382(MB)/2019] was admitted on 19.01.2022, initiating CIRP. An IRP was appointed, and a CoC was formed on 12.02.2022. The first CoC meeting occurred on 22.02.2022. A settlement agreement was reached between the Corporate Debtor and the original Petitioner on 05.03.2022. This agreement was submitted to the CoC and approved with 90% voting on 23.03.2022. The RP then filed IA-2153/2022 under Section 12A for withdrawal of the Company Petition, confirming that all fees and expenses were received. This settlement is a key fact, as it forms the basis for the withdrawal application and subsequent dismissal of the CIRP.
The Company Petition [C.P.(IB)/3382(MB)/2019]…
The Committ…