The case involves an application (I.A.No.145/2023) filed by the Resolution Professional (RP) of M/s. Shri Tubes & Steels Private Limited under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to withdraw the Company Petition (C.P.(IB)No.195/BB/2020). The Company Petition was initially admitted on 2021-03-31 because no resolution plan was submitted. The Committee of Creditors (CoC) directed the RP to file for liquidation. Subsequently, the Promoter and Suspended Director of the Corporate Debtor approached the Financial Creditor with a One Time Settlement (OTS) proposal. The CoC approved the withdrawal of the application filed under Section 7 of the IBC.
M/s. Small Industries Development Bank of India filed a Company Petition (C.P.(IB)No.195/BB/2020) against M/s. Shri Tubes & Steels Pvt. Ltd. The petition was admitted on 2021-03-31. No resolution plan was submitted by any prospective resolution applicant. The CoC directed the RP to file an application for liquidation. The RP filed I.A.No.335/2021. The RP also filed applications I.A.No.314/2022 and I.A.No.315/2022 regarding preferential transactions and undervalued transactions. The Promoter and Suspended Director of the Corporate Debtor approached the Financial Creditor with an OTS proposal dated 2023-01-12. The CoC approved the withdrawal of the application filed under Section 7 of the IBC on 2023-02-13. The RP then filed I.A.No.145/2023 seeking to withdraw the
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C.P.(IB)No.195…
The Company Petition…
The case involves an application (I.A.No.145/2023) filed by the Resolution Professional (RP) of M/s. Shri Tubes & Steels Private Limited under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to withdraw the Company Petition (C.P.(IB)No.195/BB/2020). The Company Petition was initially admitted on 2021-03-31 because no resolution plan was submitted. The Committee of Creditors (CoC) directed the RP to file for liquidation. Subsequently, the Promoter and Suspended Director of the Corporate Debtor approached the Financial Creditor with a One Time Settlement (OTS) proposal. The CoC approved the withdrawal of the application filed under Section 7 of the IBC.
M/s. Small Industries Development Bank of India filed a Company Petition (C.P.(IB)No.195/BB/2020) against M/s. Shri Tubes & Steels Pvt. Ltd. The petition was admitted on 2021-03-31. No resolution plan was submitted by any prospective resolution applicant. The CoC directed the RP to file an application for liquidation. The RP filed I.A.No.335/2021. The RP also filed applications I.A.No.314/2022 and I.A.No.315/2022 regarding preferential transactions and undervalued transactions. The Promoter and Suspended Director of the Corporate Debtor approached the Financial Creditor with an OTS proposal dated 2023-01-12. The CoC approved the withdrawal of the application filed under Section 7 of the IBC on 2023-02-13. The RP then filed I.A.No.145/2023 seeking to withdraw the
…C.P.(IB)No.195…
The Company Petition…