The case involves an application by the Resolution Professional under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, seeking withdrawal of the Corporate Insolvency Resolution Process (CIRP) against White Metals Ltd. The application, CP(IB) No. 160(PB)/2018, was initially filed by Asset Reconstruction Company (India) Ltd (ARCIL). The Committee of Creditors (CoC) approved the withdrawal in its 18th meeting held on May 11, 2022. The erstwhile directors of the Corporate Debtor proposed a One Time Settlement (OTS) offer, and ARCIL considered this offer. The CoC considered the application for withdrawal in Form FA submitted by ARCIL. The Chairman informed the CoC that the application under Section 12A might take considerable time for approval, and the CIRP
…Asset Reconstruction Company (India) Ltd (ARCIL) initiated Corporate Insolvency Resolution Process (CIRP) against White Metals Ltd under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The Resolution Professional (RP) filed an application (IA-2615/2022) to withdraw the CIRP under Section 12A of IBC. The Committee of Creditors (CoC) approved the withdrawal in its 18th meeting held on 11.05.2022. The erstwhile directors of White Metals Ltd proposed a One Time Settlement (OTS) offer. ARCIL submitted Form FA seeking withdrawal, justifying it by stating that the erstwhile directors had managed to arrange funds for settlement after the COVID-19 pandemic had severely impacted their ability to finalize an investor. AOV Agro Foods Private Limited provided a Bank
…Sign in to view the parties.
The Committee of…
CIRP Expenses/ Costs as on 31.05.2022 in…
The case involves an application by the Resolution Professional under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, seeking withdrawal of the Corporate Insolvency Resolution Process (CIRP) against White Metals Ltd. The application, CP(IB) No. 160(PB)/2018, was initially filed by Asset Reconstruction Company (India) Ltd (ARCIL). The Committee of Creditors (CoC) approved the withdrawal in its 18th meeting held on May 11, 2022. The erstwhile directors of the Corporate Debtor proposed a One Time Settlement (OTS) offer, and ARCIL considered this offer. The CoC considered the application for withdrawal in Form FA submitted by ARCIL. The Chairman informed the CoC that the application under Section 12A might take considerable time for approval, and the CIRP
…Asset Reconstruction Company (India) Ltd (ARCIL) initiated Corporate Insolvency Resolution Process (CIRP) against White Metals Ltd under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The Resolution Professional (RP) filed an application (IA-2615/2022) to withdraw the CIRP under Section 12A of IBC. The Committee of Creditors (CoC) approved the withdrawal in its 18th meeting held on 11.05.2022. The erstwhile directors of White Metals Ltd proposed a One Time Settlement (OTS) offer. ARCIL submitted Form FA seeking withdrawal, justifying it by stating that the erstwhile directors had managed to arrange funds for settlement after the COVID-19 pandemic had severely impacted their ability to finalize an investor. AOV Agro Foods Private Limited provided a Bank
…The Committee of…
CIRP Expenses/ Costs as on 31.05.2022 in…