The application IA (IBC) 1885/2023 was filed in CP(IB) No. 139/7/HDB/2023 under Section 7 of the IBC, 2016. The IRP filed the application seeking withdrawal of CIRP proceedings initiated against the Corporate Debtor. The basis for the withdrawal is that the parties have settled the matter after the Corporate Debtor's admission into CIRP, with the Corporate Debtor paying the agreed amount to the Financial Creditor. The CoC was not constituted, and Form-H has been filed.
An application, IA (IBC) 1885/2023, was filed by the IRP seeking withdrawal of CIRP proceedings against M/s. Sathwik Projects Private Limited, the Corporate Debtor. The CIRP was initiated based on an order dated 2023-10-30. The reason for seeking withdrawal is that the Corporate Debtor and the Financial Creditor, Mr. Ram Govind Reddy Narapa Reddy, have settled the matter. The Corporate Debtor has paid the agreed amount to the Financial Creditor. The CoC was not constituted. Form-H, related to the settlement, has been filed. The court perused the settlement record dated 2023-11-10.
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The application IA (IBC) 1885/2023 was filed in CP(IB) No. 139/7/HDB/2023 under Section 7 of the IBC, 2016. The IRP filed the application seeking withdrawal of CIRP proceedings initiated against the Corporate Debtor. The basis for the withdrawal is that the parties have settled the matter after the Corporate Debtor's admission into CIRP, with the Corporate Debtor paying the agreed amount to the Financial Creditor. The CoC was not constituted, and Form-H has been filed.
An application, IA (IBC) 1885/2023, was filed by the IRP seeking withdrawal of CIRP proceedings against M/s. Sathwik Projects Private Limited, the Corporate Debtor. The CIRP was initiated based on an order dated 2023-10-30. The reason for seeking withdrawal is that the Corporate Debtor and the Financial Creditor, Mr. Ram Govind Reddy Narapa Reddy, have settled the matter. The Corporate Debtor has paid the agreed amount to the Financial Creditor. The CoC was not constituted. Form-H, related to the settlement, has been filed. The court perused the settlement record dated 2023-11-10.
Tribunal orders…
Settlement agreement…