The case involves an application (IA-914/2023) filed under Section 12A of the Insolvency and Bankruptcy Code (IBC) for the withdrawal of Corporate Insolvency Resolution Process (CIRP) proceedings and dismissal of the main Company Petition. The operational creditor had initiated CIRP against the corporate debtor under Section 9 of the IBC for a claim of Rs. 38,95,038, which was admitted on 17.02.2023. An Interim Resolution Professional (IRP) was appointed, and a moratorium was declared. The promoter of the corporate debtor filed an appeal before the NCLAT, which granted a stay on the formation of the Committee of Creditors (CoC).
The Operational Creditor initiated CIRP against Robo Silicon Pvt. Ltd. (Corporate Debtor) under Section 9 of the IBC for a claim of Rs. 38,95,038. The petition was admitted on 17.02.2023, an IRP was appointed, and a moratorium was declared. The Corporate Debtor's promoter appealed to NCLAT, which stayed the formation of the CoC. The Operational Creditor and Corporate Debtor entered into a settlement agreement dated 06.03.2023, where the Corporate Debtor agreed to pay Rs. 62,00,000 to the Operational Creditor. The Applicant then filed IA-914/2023 under Section 12A of the IBC for withdrawal of CIRP. The IRP received Rs. 4,50,000 (after TDS of Rs. 50,000) from the Operational Creditor. The application was filed with Form FA.
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The petition filed under Section 9 of the IBC…
The Hon'ble NCLAT…
The case involves an application (IA-914/2023) filed under Section 12A of the Insolvency and Bankruptcy Code (IBC) for the withdrawal of Corporate Insolvency Resolution Process (CIRP) proceedings and dismissal of the main Company Petition. The operational creditor had initiated CIRP against the corporate debtor under Section 9 of the IBC for a claim of Rs. 38,95,038, which was admitted on 17.02.2023. An Interim Resolution Professional (IRP) was appointed, and a moratorium was declared. The promoter of the corporate debtor filed an appeal before the NCLAT, which granted a stay on the formation of the Committee of Creditors (CoC).
The Operational Creditor initiated CIRP against Robo Silicon Pvt. Ltd. (Corporate Debtor) under Section 9 of the IBC for a claim of Rs. 38,95,038. The petition was admitted on 17.02.2023, an IRP was appointed, and a moratorium was declared. The Corporate Debtor's promoter appealed to NCLAT, which stayed the formation of the CoC. The Operational Creditor and Corporate Debtor entered into a settlement agreement dated 06.03.2023, where the Corporate Debtor agreed to pay Rs. 62,00,000 to the Operational Creditor. The Applicant then filed IA-914/2023 under Section 12A of the IBC for withdrawal of CIRP. The IRP received Rs. 4,50,000 (after TDS of Rs. 50,000) from the Operational Creditor. The application was filed with Form FA.
The petition filed under Section 9 of the IBC…
The Hon'ble NCLAT…