The case involves an application filed under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, seeking withdrawal of a Section 9 application. The Committee of Creditors (CoC), consisting of two financial creditors, voted with a 98.47% majority in favor of the withdrawal. The Interim Resolution Professional (IRP) supported the withdrawal application. The dues of one CoC member, IndusInd Bank, have been fully paid, and a settlement has been agreed upon with Canara Bank for restructuring the loan.
JMS Steel & Power Corporation initiated a Section 9 application under the IBC. The CoC, consisting of IndusInd Bank and Canara Bank, voted with 98.47% majority to withdraw the application under Section 12A of IBC. IndusInd Bank's dues were fully paid. Canara Bank agreed to a settlement for loan restructuring and consented to the withdrawal. The IRP supported the withdrawal application. All stakeholders confirmed the intention to withdraw the Section 9 application. The Adjudicating Authority considered these facts and the circumstances of the matter before approving the withdrawal.
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Order delivered by the National Company Law…
The case involves an application filed under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, seeking withdrawal of a Section 9 application. The Committee of Creditors (CoC), consisting of two financial creditors, voted with a 98.47% majority in favor of the withdrawal. The Interim Resolution Professional (IRP) supported the withdrawal application. The dues of one CoC member, IndusInd Bank, have been fully paid, and a settlement has been agreed upon with Canara Bank for restructuring the loan.
JMS Steel & Power Corporation initiated a Section 9 application under the IBC. The CoC, consisting of IndusInd Bank and Canara Bank, voted with 98.47% majority to withdraw the application under Section 12A of IBC. IndusInd Bank's dues were fully paid. Canara Bank agreed to a settlement for loan restructuring and consented to the withdrawal. The IRP supported the withdrawal application. All stakeholders confirmed the intention to withdraw the Section 9 application. The Adjudicating Authority considered these facts and the circumstances of the matter before approving the withdrawal.
Order delivered by the National Company Law…