The case involves an appeal against an order by the National Company Law Tribunal (NCLT) that rejected an application for withdrawal of Corporate Insolvency Resolution Process (CIRP) proceedings. The appellant, a suspended Director of Manpasand Beverages Ltd. (the Corporate Debtor), filed the appeal after the NCLT rejected the settlement application and fixed the matter for disposal under Regulation 30A of the Insolvency and Bankruptcy Board of India (IBBI) Regulations. The Operational Creditors (OCs) had initiated CIRP against the Corporate Debtor (CD) due to outstanding payments. A settlement was reached between the OCs and the CD before the Committee of Creditors (CoC) was constituted, and the CD paid the agreed amount. An application for withdrawal of CIRP was
…Huhtamaki PPL Ltd. (Operational Creditor) initiated CIRP against Manpasand Beverages Ltd. (Corporate Debtor) due to outstanding payments. The NCLT admitted the petition on 2021-03-01, initiating CIRP. Two days later, the OCs and the CD reached a settlement where the CD agreed to pay Rs.95.72 lakhs. The CD paid Rs.50 lakhs on 2021-03-04 and the balance of Rs.45.72 lakhs on 2021-03-08. Before the CoC could be formed, the Interim Resolution Professional (IRP) moved an application on 2021-03-10 under Regulation 30A of the IBBI Regulations for withdrawal of CIRP. An appeal was filed against the admission order before the NCLAT, which was later withdrawn with liberty to revive it if the settlement failed. The NCLAT granted a stay on the formation of the CoC. The NCLT
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NCLT passed an order…
OCs and CD entered into…
The case involves an appeal against an order by the National Company Law Tribunal (NCLT) that rejected an application for withdrawal of Corporate Insolvency Resolution Process (CIRP) proceedings. The appellant, a suspended Director of Manpasand Beverages Ltd. (the Corporate Debtor), filed the appeal after the NCLT rejected the settlement application and fixed the matter for disposal under Regulation 30A of the Insolvency and Bankruptcy Board of India (IBBI) Regulations. The Operational Creditors (OCs) had initiated CIRP against the Corporate Debtor (CD) due to outstanding payments. A settlement was reached between the OCs and the CD before the Committee of Creditors (CoC) was constituted, and the CD paid the agreed amount. An application for withdrawal of CIRP was
…Huhtamaki PPL Ltd. (Operational Creditor) initiated CIRP against Manpasand Beverages Ltd. (Corporate Debtor) due to outstanding payments. The NCLT admitted the petition on 2021-03-01, initiating CIRP. Two days later, the OCs and the CD reached a settlement where the CD agreed to pay Rs.95.72 lakhs. The CD paid Rs.50 lakhs on 2021-03-04 and the balance of Rs.45.72 lakhs on 2021-03-08. Before the CoC could be formed, the Interim Resolution Professional (IRP) moved an application on 2021-03-10 under Regulation 30A of the IBBI Regulations for withdrawal of CIRP. An appeal was filed against the admission order before the NCLAT, which was later withdrawn with liberty to revive it if the settlement failed. The NCLAT granted a stay on the formation of the CoC. The NCLT
…NCLT passed an order…
OCs and CD entered into…