The application I.A. 2334/2022 was filed by the Interim Resolution Professional (IRP), Mr. Hirachand Nemichand Bafna, under Section 12A of the Insolvency and Bankruptcy Code (IBC) for withdrawing the Corporate Insolvency Resolution Process (CIRP) in the main Company Petition bearing No. 15 of 2022. This withdrawal is based on a settlement reached between the Operational Creditor and the Corporate Debtor. The Operational Creditor and the Corporate Debtor amicably settled the matter by entering into a separate settlement agreement dated 22.08.2022, involving a payment of Rs. 1,50,09,324/- in lieu of the full and final settlement of the petition. The Corporate Debtor agreed to pay Rs. 20,00,000/- upon execution of the settlement agreement and the remaining Rs.
…The Interim Resolution Professional (IRP), Mr. Hirachand Nemichand Bafna, filed an application (I.A. 2334/2022) to withdraw the Corporate Insolvency Resolution Process (CIRP) against VHM Industries Limited. This application was made under Section 12A of the Insolvency and Bankruptcy Code (IBC). The basis for the withdrawal was a settlement agreement reached between Power2SME Private Limited (Operational Creditor) and VHM Industries Limited (Corporate Debtor). The settlement agreement, dated 22.08.2022, involved a payment of Rs. 1,50,09,324/- from the Corporate Debtor to the Operational Creditor in full and final settlement of the claim. The Corporate Debtor agreed to pay Rs. 20,00,000/- upon execution of the settlement agreement and the remaining Rs. 1,30,09,324/- in
…Sign in to view the parties.
CIRP admission order…
Operational Creditor…
The application I.A. 2334/2022 was filed by the Interim Resolution Professional (IRP), Mr. Hirachand Nemichand Bafna, under Section 12A of the Insolvency and Bankruptcy Code (IBC) for withdrawing the Corporate Insolvency Resolution Process (CIRP) in the main Company Petition bearing No. 15 of 2022. This withdrawal is based on a settlement reached between the Operational Creditor and the Corporate Debtor. The Operational Creditor and the Corporate Debtor amicably settled the matter by entering into a separate settlement agreement dated 22.08.2022, involving a payment of Rs. 1,50,09,324/- in lieu of the full and final settlement of the petition. The Corporate Debtor agreed to pay Rs. 20,00,000/- upon execution of the settlement agreement and the remaining Rs.
…The Interim Resolution Professional (IRP), Mr. Hirachand Nemichand Bafna, filed an application (I.A. 2334/2022) to withdraw the Corporate Insolvency Resolution Process (CIRP) against VHM Industries Limited. This application was made under Section 12A of the Insolvency and Bankruptcy Code (IBC). The basis for the withdrawal was a settlement agreement reached between Power2SME Private Limited (Operational Creditor) and VHM Industries Limited (Corporate Debtor). The settlement agreement, dated 22.08.2022, involved a payment of Rs. 1,50,09,324/- from the Corporate Debtor to the Operational Creditor in full and final settlement of the claim. The Corporate Debtor agreed to pay Rs. 20,00,000/- upon execution of the settlement agreement and the remaining Rs. 1,30,09,324/- in
…CIRP admission order…
Operational Creditor…