The case involves an application (IA(I.B.C)/1501(KB)2022) filed seeking withdrawal of a petition admitted under Section 9 of the Insolvency and Bankruptcy Code (IBC) by the Adjudicating Authority. The parties involved have settled the matter between themselves before the constitution of the Corporate Insolvency Resolution Process (CIRP). The application is supported by an affidavit of the Interim Resolution Professional (IRP), and the costs, including the IRP fees, have been paid.
Shib Shankar Rungta, proprietor of S.S. Rungta & Company, filed a petition against Weaverly Jute Mills Private Limited under Section 9 of the IBC. An application (IA(I.B.C)/1501(KB)2022) was filed seeking withdrawal of the petition. The parties settled the matter before the constitution of the CIRP. The IRP supported the withdrawal, and the costs, including the IRP fees of Rs. 2,41,819/-, were paid. The Adjudicating Authority considered the application under Rule 11 of the NCLT Rules, 2016. The Committee of Creditors had not been constituted, and Form FA was annexed. The relevance of these facts lies in demonstrating the resolution of the dispute outside the formal CIRP process, leading to the withdrawal of the insolvency petition.
Sign in to view the parties.
The Adjudicating…
Hearing on the…
The case involves an application (IA(I.B.C)/1501(KB)2022) filed seeking withdrawal of a petition admitted under Section 9 of the Insolvency and Bankruptcy Code (IBC) by the Adjudicating Authority. The parties involved have settled the matter between themselves before the constitution of the Corporate Insolvency Resolution Process (CIRP). The application is supported by an affidavit of the Interim Resolution Professional (IRP), and the costs, including the IRP fees, have been paid.
Shib Shankar Rungta, proprietor of S.S. Rungta & Company, filed a petition against Weaverly Jute Mills Private Limited under Section 9 of the IBC. An application (IA(I.B.C)/1501(KB)2022) was filed seeking withdrawal of the petition. The parties settled the matter before the constitution of the CIRP. The IRP supported the withdrawal, and the costs, including the IRP fees of Rs. 2,41,819/-, were paid. The Adjudicating Authority considered the application under Rule 11 of the NCLT Rules, 2016. The Committee of Creditors had not been constituted, and Form FA was annexed. The relevance of these facts lies in demonstrating the resolution of the dispute outside the formal CIRP process, leading to the withdrawal of the insolvency petition.
The Adjudicating…
Hearing on the…