The case involves two applications, I.A. No. 486/KB/2023 and I.A. No. 664/KB/2022, in connection with CP(IB)No. 80/KB/2020. The first application, I.A. No. 486/KB/2023, was filed by Rachana Agarwal, the RP/Applicant, seeking to withdraw the application filed under Section 9 of the Insolvency and Bankruptcy Code (IBC) by PLB Logistics Private Limited, the Operational Creditor. The second application, I.A. No. 664/KB/2022, was also filed by Rachana Agarwal, the Interim Resolution Professional of the Corporate Debtor, Simpex Safety & Apparels LLP, seeking cooperation of the Suspended Board and other connected persons for the purpose of the Corporate Insolvency Resolution Process (CIRP).
PLB Logistics Private Limited, the Operational Creditor, had filed an application under Section 9 of the Insolvency and Bankruptcy Code (IBC) to initiate the Corporate Insolvency Resolution Process (CIRP) against Simpex Safety & Apparels LLP, the Corporate Debtor. Rachana Agarwal, the Interim Resolution Professional (IRP), filed two applications: I.A. No. 486/KB/2023 seeking to withdraw the Section 9 application, and I.A. No. 664/KB/2022 seeking cooperation from the Suspended Board for the CIRP. The Committee of Creditors (CoC) resolved to withdraw the Section 9 application in its 5th meeting held on 09.11.2022. A settlement agreement was executed on 15.12.2022, and Form-FA was received on the same date. The decision to withdraw was supported by 100% majority of
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The 5th Committee of Creditors (CoC) meeting…
A settlement agreement…
The case involves two applications, I.A. No. 486/KB/2023 and I.A. No. 664/KB/2022, in connection with CP(IB)No. 80/KB/2020. The first application, I.A. No. 486/KB/2023, was filed by Rachana Agarwal, the RP/Applicant, seeking to withdraw the application filed under Section 9 of the Insolvency and Bankruptcy Code (IBC) by PLB Logistics Private Limited, the Operational Creditor. The second application, I.A. No. 664/KB/2022, was also filed by Rachana Agarwal, the Interim Resolution Professional of the Corporate Debtor, Simpex Safety & Apparels LLP, seeking cooperation of the Suspended Board and other connected persons for the purpose of the Corporate Insolvency Resolution Process (CIRP).
PLB Logistics Private Limited, the Operational Creditor, had filed an application under Section 9 of the Insolvency and Bankruptcy Code (IBC) to initiate the Corporate Insolvency Resolution Process (CIRP) against Simpex Safety & Apparels LLP, the Corporate Debtor. Rachana Agarwal, the Interim Resolution Professional (IRP), filed two applications: I.A. No. 486/KB/2023 seeking to withdraw the Section 9 application, and I.A. No. 664/KB/2022 seeking cooperation from the Suspended Board for the CIRP. The Committee of Creditors (CoC) resolved to withdraw the Section 9 application in its 5th meeting held on 09.11.2022. A settlement agreement was executed on 15.12.2022, and Form-FA was received on the same date. The decision to withdraw was supported by 100% majority of
…The 5th Committee of Creditors (CoC) meeting…
A settlement agreement…