The case involves an application filed under Section 12A of the Insolvency and Bankruptcy Code, 2016, read with Regulation 30A(1)(a) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The application was filed by Ms. Mamta Binani, the Interim Resolution Professional (IRP) of the Corporate Debtor, Sahara Hospitality Limited, seeking withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated by the Operational Creditor, Delta Electro Mechanical Private Limited.
Delta Electro Mechanical Private Limited initiated a Corporate Insolvency Resolution Process (CIRP) against Sahara Hospitality Limited. Ms. Mamta Binani was appointed as the Interim Resolution Professional (IRP). Subsequently, Sahara Hospitality Limited and Delta Electro Mechanical Private Limited reached a settlement agreement where Sahara Hospitality Limited agreed to pay Rs. 8,00,00,000/- to Delta Electro Mechanical Private Limited in three installments to settle all outstanding dues. The Operational Creditor confirmed that the entire amount as indicated in the settlement agreement has been received. Based on this settlement, Ms. Binani, as the IRP, filed an application under Section 12A of the Insolvency and Bankruptcy Code, 2016, seeking withdrawal of the CIRP.
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Delta Electro Mechanical Private Limited filed…
The National Company Law Tribunal (NCLT)…
The case involves an application filed under Section 12A of the Insolvency and Bankruptcy Code, 2016, read with Regulation 30A(1)(a) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The application was filed by Ms. Mamta Binani, the Interim Resolution Professional (IRP) of the Corporate Debtor, Sahara Hospitality Limited, seeking withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated by the Operational Creditor, Delta Electro Mechanical Private Limited.
Delta Electro Mechanical Private Limited initiated a Corporate Insolvency Resolution Process (CIRP) against Sahara Hospitality Limited. Ms. Mamta Binani was appointed as the Interim Resolution Professional (IRP). Subsequently, Sahara Hospitality Limited and Delta Electro Mechanical Private Limited reached a settlement agreement where Sahara Hospitality Limited agreed to pay Rs. 8,00,00,000/- to Delta Electro Mechanical Private Limited in three installments to settle all outstanding dues. The Operational Creditor confirmed that the entire amount as indicated in the settlement agreement has been received. Based on this settlement, Ms. Binani, as the IRP, filed an application under Section 12A of the Insolvency and Bankruptcy Code, 2016, seeking withdrawal of the CIRP.
…Delta Electro Mechanical Private Limited filed…
The National Company Law Tribunal (NCLT)…