The application IA 589/2023 was filed by the Resolution Professional for withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against the Corporate Debtor. The CIRP was initiated on 13.12.2019. Upon invitation of claims, only one claim from the original petitioner was received, leading to the formation of a Committee of Creditors (CoC) with only one member. In May 2020, the managing director of the Corporate Debtor passed away, hindering the applicant's ability to gather further details about the Corporate Debtor. The CoC, during its 3rd meeting, resolved to withdraw the CIRP with a 100% vote. An earlier application, IA 2397/2020, filed under section 12 A of the Insolvency and Bankruptcy Code (IBC) for withdrawal, was dismissed due to the
…The CIRP against Sky Build Pvt Ltd was initiated on 2019-12-13. Only one claim was received in response to the invitation for claims. The Committee of Creditors (CoC) consisted of only one member. The managing director of Sky Build Pvt Ltd, Mr. Suresh Shrrof, passed away in May 2020. The CoC resolved to withdraw the CIRP with a 100% vote. An earlier application for withdrawal, IA 2397/2020, was dismissed due to the applicant's ill health. The present application, IA 589/2023, was filed for withdrawal of the CIRP. The applicant is the Resolution Professional. The CoC voted for withdrawal due to the lack of information and the death of the managing director. The court condoned the delay in filing the application.
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CIRP was ini…
The managing director…
The application IA 589/2023 was filed by the Resolution Professional for withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against the Corporate Debtor. The CIRP was initiated on 13.12.2019. Upon invitation of claims, only one claim from the original petitioner was received, leading to the formation of a Committee of Creditors (CoC) with only one member. In May 2020, the managing director of the Corporate Debtor passed away, hindering the applicant's ability to gather further details about the Corporate Debtor. The CoC, during its 3rd meeting, resolved to withdraw the CIRP with a 100% vote. An earlier application, IA 2397/2020, filed under section 12 A of the Insolvency and Bankruptcy Code (IBC) for withdrawal, was dismissed due to the
…The CIRP against Sky Build Pvt Ltd was initiated on 2019-12-13. Only one claim was received in response to the invitation for claims. The Committee of Creditors (CoC) consisted of only one member. The managing director of Sky Build Pvt Ltd, Mr. Suresh Shrrof, passed away in May 2020. The CoC resolved to withdraw the CIRP with a 100% vote. An earlier application for withdrawal, IA 2397/2020, was dismissed due to the applicant's ill health. The present application, IA 589/2023, was filed for withdrawal of the CIRP. The applicant is the Resolution Professional. The CoC voted for withdrawal due to the lack of information and the death of the managing director. The court condoned the delay in filing the application.
CIRP was ini…
The managing director…