The case involves an application filed by the Resolution Professional (RP) under Section 12A of the Insolvency and Bankruptcy Code (IB Code), 2016, read with Regulation 30A(5) of the IBBI (IRP for CP) Regulations, 2016, and Rule 11 of NCLT Rules, 2016, seeking withdrawal of the Company Petition along with a supporting affidavit. The Committee of Creditors (CoC) had resolved to propose the withdrawal of the Corporate Insolvency Resolution Process (CIRP) concerning SGM Steels Private Limited. The application for withdrawal was based on a settlement between the Financial Creditor and the Corporate Debtor.
M/s. PAS Enterprise filed a petition against M/s. SGM Steels Pvt. Ltd. under Section 7 of the IB Code, 2016. The Resolution Professional (RP) filed an application (IA/4230/2022) under Section 12A of the IB Code, 2016, seeking withdrawal of the Company Petition. This withdrawal request was supported by Regulation 30A(5) of the IBBI (IRP for CP) Regulations, 2016, and Rule 11 of NCLT Rules, 2016. The Committee of Creditors (CoC) had resolved to propose the withdrawal of the CIRP in respect of SGM Steels Private Limited. The withdrawal was based on a settlement between the Financial Creditor and the Corporate Debtor. The RP was authorized to refund the earnest money deposits. The RP, Mr. Akhil Ahuja, confirmed that all fees and expenses had been paid.
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The case involves an application filed by the Resolution Professional (RP) under Section 12A of the Insolvency and Bankruptcy Code (IB Code), 2016, read with Regulation 30A(5) of the IBBI (IRP for CP) Regulations, 2016, and Rule 11 of NCLT Rules, 2016, seeking withdrawal of the Company Petition along with a supporting affidavit. The Committee of Creditors (CoC) had resolved to propose the withdrawal of the Corporate Insolvency Resolution Process (CIRP) concerning SGM Steels Private Limited. The application for withdrawal was based on a settlement between the Financial Creditor and the Corporate Debtor.
M/s. PAS Enterprise filed a petition against M/s. SGM Steels Pvt. Ltd. under Section 7 of the IB Code, 2016. The Resolution Professional (RP) filed an application (IA/4230/2022) under Section 12A of the IB Code, 2016, seeking withdrawal of the Company Petition. This withdrawal request was supported by Regulation 30A(5) of the IBBI (IRP for CP) Regulations, 2016, and Rule 11 of NCLT Rules, 2016. The Committee of Creditors (CoC) had resolved to propose the withdrawal of the CIRP in respect of SGM Steels Private Limited. The withdrawal was based on a settlement between the Financial Creditor and the Corporate Debtor. The RP was authorized to refund the earnest money deposits. The RP, Mr. Akhil Ahuja, confirmed that all fees and expenses had been paid.
Order delivered on…