The case involves two Interim Applications (IAs), IA No. 274/JPR/2023 and IA No. 325/JPR/2023, filed in connection with a Corporate Insolvency Resolution Process (CIRP) initiated against M/S Surya Irrigation Private Limited ('Corporate Debtor'). IA No. 274/JPR/2023 is a 'Withdrawal Petition' filed by M/s Adhunik Niryat Ispat Limited, the operational creditor, under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), seeking directions for withdrawal of the CIRP. IA No. 325/JPR/2023 is an 'Application for CIRP Cost' filed by the Interim Resolution Professional (IRP), Mr. Shyam Sundar Maheshwari, seeking directions for payment of CIRP costs. The Adjudicating Authority admitted the application under Section 9 of the IBC on 05.12.2022. Subsequently, the suspended
…M/s Adhunik Niryat Ispat Limited, the operational creditor, initiated CIRP against M/S Surya Irrigation Private Limited, the corporate debtor. The Adjudicating Authority admitted the application under Section 9 of the IBC on 05.12.2022. Mr. Shyam Sundar Maheshwari was appointed as the IRP. The suspended management of the corporate debtor appealed to the NCLAT, which stayed the formation of the CoC but allowed the IRP to collate claims. The IRP made a public announcement on 14.12.2022 for collating claims. The operational creditor and suspended management entered into a settlement deed on 29.04.2023 for Rs. 5,00,000/-. The operational creditor requested the IRP to file a withdrawal application under Section 12A of the Code, but the IRP refused. The IRP sought payment of
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The case involves two Interim Applications (IAs), IA No. 274/JPR/2023 and IA No. 325/JPR/2023, filed in connection with a Corporate Insolvency Resolution Process (CIRP) initiated against M/S Surya Irrigation Private Limited ('Corporate Debtor'). IA No. 274/JPR/2023 is a 'Withdrawal Petition' filed by M/s Adhunik Niryat Ispat Limited, the operational creditor, under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), seeking directions for withdrawal of the CIRP. IA No. 325/JPR/2023 is an 'Application for CIRP Cost' filed by the Interim Resolution Professional (IRP), Mr. Shyam Sundar Maheshwari, seeking directions for payment of CIRP costs. The Adjudicating Authority admitted the application under Section 9 of the IBC on 05.12.2022. Subsequently, the suspended
…M/s Adhunik Niryat Ispat Limited, the operational creditor, initiated CIRP against M/S Surya Irrigation Private Limited, the corporate debtor. The Adjudicating Authority admitted the application under Section 9 of the IBC on 05.12.2022. Mr. Shyam Sundar Maheshwari was appointed as the IRP. The suspended management of the corporate debtor appealed to the NCLAT, which stayed the formation of the CoC but allowed the IRP to collate claims. The IRP made a public announcement on 14.12.2022 for collating claims. The operational creditor and suspended management entered into a settlement deed on 29.04.2023 for Rs. 5,00,000/-. The operational creditor requested the IRP to file a withdrawal application under Section 12A of the Code, but the IRP refused. The IRP sought payment of
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