The case involves an application filed by the Interim Resolution Professional (IRP) under Section 12A of the Insolvency & Bankruptcy Code, 2016, read with Rule 30A of the Insolvency & Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The IRP sought to set aside the order dated 30.12.2021, which had initiated the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, Tata Projects Limited. The CIRP was initiated based on a company petition filed by the Operational Creditor, Nexo Industries Private Limited. The Corporate Debtor had preferred an appeal before the NCLAT, Chennai, against the CIRP order, but subsequently withdrew the appeal on 04.01.2022 due to a settlement agreement with the
…Nexo Industries Private Limited, the Operational Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Tata Projects Limited, the Corporate Debtor, under CP No. 679/9/HDB/2019. The NCLT Hyderabad Bench-1 admitted the company petition and ordered CIRP against Tata Projects Limited on 30.12.2021. Subsequently, Tata Projects Limited appealed the order before the NCLAT Chennai. However, a settlement was reached between Tata Projects Limited and its Financial Creditor, leading to the withdrawal of the appeal on 04.01.2022. The NCLAT Chennai directed the Interim Resolution Professional (IRP) to file a Form-FA application before the Adjudicating Authority (NCLT) for withdrawal of the CIRP. The IRP, appointed by the Tribunal, then filed an application
…Sign in to view the parties.
NCLT Hyderabad Bench-1 ordered CIRP…
The Interim Resolution…
The case involves an application filed by the Interim Resolution Professional (IRP) under Section 12A of the Insolvency & Bankruptcy Code, 2016, read with Rule 30A of the Insolvency & Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The IRP sought to set aside the order dated 30.12.2021, which had initiated the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, Tata Projects Limited. The CIRP was initiated based on a company petition filed by the Operational Creditor, Nexo Industries Private Limited. The Corporate Debtor had preferred an appeal before the NCLAT, Chennai, against the CIRP order, but subsequently withdrew the appeal on 04.01.2022 due to a settlement agreement with the
…Nexo Industries Private Limited, the Operational Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Tata Projects Limited, the Corporate Debtor, under CP No. 679/9/HDB/2019. The NCLT Hyderabad Bench-1 admitted the company petition and ordered CIRP against Tata Projects Limited on 30.12.2021. Subsequently, Tata Projects Limited appealed the order before the NCLAT Chennai. However, a settlement was reached between Tata Projects Limited and its Financial Creditor, leading to the withdrawal of the appeal on 04.01.2022. The NCLAT Chennai directed the Interim Resolution Professional (IRP) to file a Form-FA application before the Adjudicating Authority (NCLT) for withdrawal of the CIRP. The IRP, appointed by the Tribunal, then filed an application
…NCLT Hyderabad Bench-1 ordered CIRP…
The Interim Resolution…