The case involves an application filed by the Interim Resolution Professional (IRP) under Section 12A of the Insolvency and Bankruptcy Code (IBC) for the withdrawal of the Corporate Insolvency Resolution Process (CIRP) against Sorich Foils Limited. The CIRP was initially initiated against Sorich Foils Limited, with Mr. Lokesh Khadraia appointed as the IRP. However, due to the IRP's inability to renew authorization from the IBBI, Mr. Virendra Maurya was appointed as the new IRP. Before the CIRP could proceed further, the Corporate Debtor approached the Applicant for an amicable settlement. A settlement agreement was reached, and the Corporate Debtor agreed to pay the outstanding dues.
The Corporate Insolvency Resolution Process (CIRP) was initiated against Sorich Foils Limited. Mr. Lokesh Khadraia was initially appointed as the Interim Resolution Professional (IRP), but he was unable to renew his authorization. Mr. Virendra Maurya was then appointed as the new IRP. Before the CIRP could proceed, Sorich Foils Limited approached the applicant for an amicable settlement. A settlement agreement was reached on 2023-08-07, where Sorich Foils Limited agreed to pay Rs. 30,00,000 to the Operational Creditor, with Rs. 5,00,000 already paid. The Operational Creditor submitted FORM FA expressing willingness to withdraw the main application. The IRP filed an application under Section 12A of the IBC for withdrawal of the CIRP. The CoC was yet to be constituted.
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CIRP was ini…
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The case involves an application filed by the Interim Resolution Professional (IRP) under Section 12A of the Insolvency and Bankruptcy Code (IBC) for the withdrawal of the Corporate Insolvency Resolution Process (CIRP) against Sorich Foils Limited. The CIRP was initially initiated against Sorich Foils Limited, with Mr. Lokesh Khadraia appointed as the IRP. However, due to the IRP's inability to renew authorization from the IBBI, Mr. Virendra Maurya was appointed as the new IRP. Before the CIRP could proceed further, the Corporate Debtor approached the Applicant for an amicable settlement. A settlement agreement was reached, and the Corporate Debtor agreed to pay the outstanding dues.
The Corporate Insolvency Resolution Process (CIRP) was initiated against Sorich Foils Limited. Mr. Lokesh Khadraia was initially appointed as the Interim Resolution Professional (IRP), but he was unable to renew his authorization. Mr. Virendra Maurya was then appointed as the new IRP. Before the CIRP could proceed, Sorich Foils Limited approached the applicant for an amicable settlement. A settlement agreement was reached on 2023-08-07, where Sorich Foils Limited agreed to pay Rs. 30,00,000 to the Operational Creditor, with Rs. 5,00,000 already paid. The Operational Creditor submitted FORM FA expressing willingness to withdraw the main application. The IRP filed an application under Section 12A of the IBC for withdrawal of the CIRP. The CoC was yet to be constituted.
…CIRP was ini…
Order date o…