The case involves an application bearing No.2062 of 2022 filed by the Interim Resolution Professional (IRP) under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, seeking withdrawal of the main Company Petition bearing No. C.P. (IB) /4196 (MB) 2019. The IRP submitted that both parties had amicably settled the matter and signed a settlement memo for Rs. 10,00,000/- for the amount due to the Corporate Debtor. The CIRP cost of Rs. 3,00,000/- has also been paid towards the expenses of the Resolution Professional.
The Interim Resolution Professional (IRP) filed an application (No. 2062 of 2022) under Section 12A of the IBC, 2016, to withdraw the main Company Petition (No. C.P. (IB) /4196 (MB) 2019). The IRP stated that both parties had amicably settled the matter, signing a settlement memo for Rs. 10,00,000/- due to the Corporate Debtor. Additionally, Rs. 3,00,000/- was paid towards CIRP costs. The application was filed because the parties reached a settlement, making the continuation of the insolvency process unnecessary. The settlement and payment of CIRP costs are key facts that led to the court's decision to allow the withdrawal.
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Order sheet…
Application bearing…
The case involves an application bearing No.2062 of 2022 filed by the Interim Resolution Professional (IRP) under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, seeking withdrawal of the main Company Petition bearing No. C.P. (IB) /4196 (MB) 2019. The IRP submitted that both parties had amicably settled the matter and signed a settlement memo for Rs. 10,00,000/- for the amount due to the Corporate Debtor. The CIRP cost of Rs. 3,00,000/- has also been paid towards the expenses of the Resolution Professional.
The Interim Resolution Professional (IRP) filed an application (No. 2062 of 2022) under Section 12A of the IBC, 2016, to withdraw the main Company Petition (No. C.P. (IB) /4196 (MB) 2019). The IRP stated that both parties had amicably settled the matter, signing a settlement memo for Rs. 10,00,000/- due to the Corporate Debtor. Additionally, Rs. 3,00,000/- was paid towards CIRP costs. The application was filed because the parties reached a settlement, making the continuation of the insolvency process unnecessary. The settlement and payment of CIRP costs are key facts that led to the court's decision to allow the withdrawal.
Order sheet…
Application bearing…