The case involves an application filed under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, seeking withdrawal of a company petition against the Corporate Debtor. The Tribunal had previously passed an order on June 9, 2023, commencing the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The Corporate Debtor has made a payment of Rs. 1,74,92,478, which was acknowledged by the Operational Creditor.
An application was filed under Section 12A of the IBC, 2016, seeking withdrawal of a company petition against the Corporate Debtor. The NCLT had initiated CIRP against the Corporate Debtor on 2023-06-09. The Corporate Debtor made a payment of Rs. 1,74,92,478 to the Operational Creditor, which was acknowledged via receipt dated 2023-06-10. The Operational Creditor received full and final settlement. The IRP confirmed receipt of Form FA and stated that no public announcement was made. The relevance of these facts is that they demonstrate compliance with the requirements for withdrawal under Section 12A of the IBC, specifically the settlement of dues with the operational creditor.
Sign in to view the parties.
The Tribunal passed an…
The Operational Creditor acknowledged the…
The case involves an application filed under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, seeking withdrawal of a company petition against the Corporate Debtor. The Tribunal had previously passed an order on June 9, 2023, commencing the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The Corporate Debtor has made a payment of Rs. 1,74,92,478, which was acknowledged by the Operational Creditor.
An application was filed under Section 12A of the IBC, 2016, seeking withdrawal of a company petition against the Corporate Debtor. The NCLT had initiated CIRP against the Corporate Debtor on 2023-06-09. The Corporate Debtor made a payment of Rs. 1,74,92,478 to the Operational Creditor, which was acknowledged via receipt dated 2023-06-10. The Operational Creditor received full and final settlement. The IRP confirmed receipt of Form FA and stated that no public announcement was made. The relevance of these facts is that they demonstrate compliance with the requirements for withdrawal under Section 12A of the IBC, specifically the settlement of dues with the operational creditor.
The Tribunal passed an…
The Operational Creditor acknowledged the…