The case involves an application (IA/2451/2022) filed for the withdrawal of a Corporate Insolvency Resolution Process (CIRP) initiated under Section 9 of the Insolvency and Bankruptcy Code (IBC). The CIRP was initiated on 2022-05-11. The Interim Resolution Professional (IRP) received Form FA on 2022-05-20 and the order on 2022-05-12, after which publication was made.
Delhi Industrial Corporation filed an application for the initiation of CIRP against Techno Auto Componants (India) Pvt. Ltd. The CIRP was initiated on 2022-05-11. The IRP received Form FA on 2022-05-20 and the order on 2022-05-12, after which publication was made. The IRP received claims from one Financial Creditor amounting to Rs. 8.93 crores and ten Operational Creditors amounting to Rs. 22 crores. The applicant then filed IA/2451/2022 seeking withdrawal of the CIRP due to a settlement. The court considered the settlement and allowed the withdrawal subject to the payment of Rs. 1 lakh as costs, to be shared equally by the Operational Creditor and the Corporate Debtor, and deposited in the Prime Minister Relief Fund. The relevance of these facts lies in demonstrating
…Sign in to view the parties.
The Corporate…
The Interim Re…
The case involves an application (IA/2451/2022) filed for the withdrawal of a Corporate Insolvency Resolution Process (CIRP) initiated under Section 9 of the Insolvency and Bankruptcy Code (IBC). The CIRP was initiated on 2022-05-11. The Interim Resolution Professional (IRP) received Form FA on 2022-05-20 and the order on 2022-05-12, after which publication was made.
Delhi Industrial Corporation filed an application for the initiation of CIRP against Techno Auto Componants (India) Pvt. Ltd. The CIRP was initiated on 2022-05-11. The IRP received Form FA on 2022-05-20 and the order on 2022-05-12, after which publication was made. The IRP received claims from one Financial Creditor amounting to Rs. 8.93 crores and ten Operational Creditors amounting to Rs. 22 crores. The applicant then filed IA/2451/2022 seeking withdrawal of the CIRP due to a settlement. The court considered the settlement and allowed the withdrawal subject to the payment of Rs. 1 lakh as costs, to be shared equally by the Operational Creditor and the Corporate Debtor, and deposited in the Prime Minister Relief Fund. The relevance of these facts lies in demonstrating
…The Corporate…
The Interim Re…