The case involves an application (IA-967/2024) filed under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, by the Resolution Professional (RP) seeking withdrawal of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, based on the recommendation of the Committee of Creditors (CoC). The CIRP was initiated following the admission of a petition (CP(IB)-1220/2021) filed by the Operational Creditor. After the admission of the petition, an Interim Resolution Professional (IRP) was appointed, and a public announcement was made inviting claims against the Corporate Debtor.
The Operational Creditor, Sunbourne Developers Pvt. Ltd., filed a petition (CP(IB)-1220/2021) under Section 9 of the IBC, leading to the initiation of CIRP against the Corporate Debtor, Thyme & Reason Hospitality LLP. An Interim Resolution Professional (IRP) was appointed, and a moratorium was declared. The IRP made a public announcement inviting claims. Subsequently, the Operational Creditor and the Corporate Debtor reached an amicable settlement and sought to withdraw the main CP. The Operational Creditor submitted Form FA along with a settlement deed to the RP. The CoC, constituted with a sole member, held its first meeting on 2023-05-23. In a subsequent meeting on 2024-02-20, the CoC accepted Form FA and approved the withdrawal of CIRP with 100% voting. The RP
…Sign in to view the parties.
The Operational…
The Tribunal admitted the petition filed by…
The case involves an application (IA-967/2024) filed under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, by the Resolution Professional (RP) seeking withdrawal of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, based on the recommendation of the Committee of Creditors (CoC). The CIRP was initiated following the admission of a petition (CP(IB)-1220/2021) filed by the Operational Creditor. After the admission of the petition, an Interim Resolution Professional (IRP) was appointed, and a public announcement was made inviting claims against the Corporate Debtor.
The Operational Creditor, Sunbourne Developers Pvt. Ltd., filed a petition (CP(IB)-1220/2021) under Section 9 of the IBC, leading to the initiation of CIRP against the Corporate Debtor, Thyme & Reason Hospitality LLP. An Interim Resolution Professional (IRP) was appointed, and a moratorium was declared. The IRP made a public announcement inviting claims. Subsequently, the Operational Creditor and the Corporate Debtor reached an amicable settlement and sought to withdraw the main CP. The Operational Creditor submitted Form FA along with a settlement deed to the RP. The CoC, constituted with a sole member, held its first meeting on 2023-05-23. In a subsequent meeting on 2024-02-20, the CoC accepted Form FA and approved the withdrawal of CIRP with 100% voting. The RP
…The Operational…
The Tribunal admitted the petition filed by…