The case involves an application (IA-2699/2021) filed by the Interim Resolution Professional (IRP) enclosing a joint memo reporting settlement terms between Petitioner No.1 and Petitioner No.2 with the Corporate Debtor, dated 08.11.2021. The matter has been settled between the Financial Creditor and Corporate Debtor, leading to the IRP filing for withdrawal of CIRP proceedings against the Corporate Debtor under section 12(A) of the Insolvency and Bankruptcy Code (IBC). Two other applications (IA-2928/2021 and IA-2873/2021) were filed by Operational Creditors objecting to the 12A application, claiming their claims were not admitted by the IRP.
India Asset Growth Fund II initiated CIRP against Tattva And Mittal Lifespaces Private Limited. A settlement was reached between the Financial Creditor (Petitioner No.1 and Petitioner No.2) and the Corporate Debtor. The IRP filed IA-2699/2021 to withdraw the CIRP under Section 12A of the IBC. Two Operational Creditors filed IA-2928/2021 and IA-2873/2021 objecting to the withdrawal, arguing that the IRP had not admitted their claims. The Resolution Professional (RP) submitted that a payment of Rs. 4 lakh is pending. The outstanding amount of the issue of debentures is Rs. 31.60 Crore plus interest. The court noted that once a 12A application is accepted and the Corporate Debtor exits CIRP, the question of the IRP admitting or rejecting claims does not arise, and the
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Joint memo reporting settlement terms entered…
Order sheet…
The case involves an application (IA-2699/2021) filed by the Interim Resolution Professional (IRP) enclosing a joint memo reporting settlement terms between Petitioner No.1 and Petitioner No.2 with the Corporate Debtor, dated 08.11.2021. The matter has been settled between the Financial Creditor and Corporate Debtor, leading to the IRP filing for withdrawal of CIRP proceedings against the Corporate Debtor under section 12(A) of the Insolvency and Bankruptcy Code (IBC). Two other applications (IA-2928/2021 and IA-2873/2021) were filed by Operational Creditors objecting to the 12A application, claiming their claims were not admitted by the IRP.
India Asset Growth Fund II initiated CIRP against Tattva And Mittal Lifespaces Private Limited. A settlement was reached between the Financial Creditor (Petitioner No.1 and Petitioner No.2) and the Corporate Debtor. The IRP filed IA-2699/2021 to withdraw the CIRP under Section 12A of the IBC. Two Operational Creditors filed IA-2928/2021 and IA-2873/2021 objecting to the withdrawal, arguing that the IRP had not admitted their claims. The Resolution Professional (RP) submitted that a payment of Rs. 4 lakh is pending. The outstanding amount of the issue of debentures is Rs. 31.60 Crore plus interest. The court noted that once a 12A application is accepted and the Corporate Debtor exits CIRP, the question of the IRP admitting or rejecting claims does not arise, and the
…Joint memo reporting settlement terms entered…
Order sheet…