The case involves an application filed by the Resolution Professional (RP) under Section 12A of the Insolvency & Bankruptcy Code, 2016, read with Regulation 30(A) of the IBBI (Corporate Insolvency Resolution Process) Regulations, 2016, seeking withdrawal of a Section 9 Petition. CIRP was initiated against the Corporate Debtor on 24.07.2023, and an Interim Resolution Professional (IRP) was appointed. The IRP made a public announcement on 28.07.2023 and sought claims from creditors, receiving only one claim from the Operational Creditor who had filed the Section 9 Petition. The Committee of Creditors (CoC) was constituted with only one member.
On 24.07.2023, CIRP was initiated against the Corporate Debtor, and an IRP was appointed. The IRP announced the initiation of CIRP on 28.07.2023 and sought claims from creditors. Only one claim was received from the Operational Creditor who had filed the Section 9 Petition. Consequently, the CoC was constituted with only one member. Before the first CoC meeting, the sole Operational Creditor and the suspended director discussed a settlement. Form FA was submitted by the Operational Creditor to the RP on 11.01.2024, accompanied by a memorandum of compromise dated 26.12.2023. In the third CoC meeting on 14.01.2024, the CoC unanimously authorized the Resolution Professional to withdraw the CIRP proceeding, as the matter had been settled outside the court. The relevance of
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CIRP was ini…
The IRP made a public…
The case involves an application filed by the Resolution Professional (RP) under Section 12A of the Insolvency & Bankruptcy Code, 2016, read with Regulation 30(A) of the IBBI (Corporate Insolvency Resolution Process) Regulations, 2016, seeking withdrawal of a Section 9 Petition. CIRP was initiated against the Corporate Debtor on 24.07.2023, and an Interim Resolution Professional (IRP) was appointed. The IRP made a public announcement on 28.07.2023 and sought claims from creditors, receiving only one claim from the Operational Creditor who had filed the Section 9 Petition. The Committee of Creditors (CoC) was constituted with only one member.
On 24.07.2023, CIRP was initiated against the Corporate Debtor, and an IRP was appointed. The IRP announced the initiation of CIRP on 28.07.2023 and sought claims from creditors. Only one claim was received from the Operational Creditor who had filed the Section 9 Petition. Consequently, the CoC was constituted with only one member. Before the first CoC meeting, the sole Operational Creditor and the suspended director discussed a settlement. Form FA was submitted by the Operational Creditor to the RP on 11.01.2024, accompanied by a memorandum of compromise dated 26.12.2023. In the third CoC meeting on 14.01.2024, the CoC unanimously authorized the Resolution Professional to withdraw the CIRP proceeding, as the matter had been settled outside the court. The relevance of
…CIRP was ini…
The IRP made a public…