The case involves an application (IA-783/2023) filed by the Interim Resolution Professional (IRP) under Section 12A of the Insolvency and Bankruptcy Code (IBC) seeking withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against Whiteland Engineering Technologies Pvt Ltd. The Company Petition C.P. (IB)/336(MB)2020 was admitted earlier, and CIRP was initiated vide order dated 27.01.2023. The IRP had published Form-A on 06.02.2023 for inviting claims, with the last date for submission being 17.02.2023. The Operational Creditor has paid the entire amount in full after the admission of the Petition. However, no claims have been received, and the Committee of Creditors (CoC) has not been constituted.
The Interim Resolution Professional (IRP) filed IA-783/2023 seeking withdrawal of CIRP under Section 12A of the IBC. The CIRP was initiated based on Company Petition C.P. (IB)/336(MB)2020, admitted on 27.01.2023. Form-A was published on 06.02.2023, with a claim submission deadline of 17.02.2023. The Operational Creditor paid the entire amount after the petition's admission. No claims were received, and the CoC was not formed. The Applicant/IRP was not present during the hearing. The court referred to the Swiss Ribbons case, which allows direct NCLT approach for withdrawal if the CoC isn't formed. The conditions for withdrawal under Section 12(A) and Regulation 30(A) were met.
Sign in to view the parties.
Company Petition C.P.…
Interim Resolution…
The case involves an application (IA-783/2023) filed by the Interim Resolution Professional (IRP) under Section 12A of the Insolvency and Bankruptcy Code (IBC) seeking withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against Whiteland Engineering Technologies Pvt Ltd. The Company Petition C.P. (IB)/336(MB)2020 was admitted earlier, and CIRP was initiated vide order dated 27.01.2023. The IRP had published Form-A on 06.02.2023 for inviting claims, with the last date for submission being 17.02.2023. The Operational Creditor has paid the entire amount in full after the admission of the Petition. However, no claims have been received, and the Committee of Creditors (CoC) has not been constituted.
The Interim Resolution Professional (IRP) filed IA-783/2023 seeking withdrawal of CIRP under Section 12A of the IBC. The CIRP was initiated based on Company Petition C.P. (IB)/336(MB)2020, admitted on 27.01.2023. Form-A was published on 06.02.2023, with a claim submission deadline of 17.02.2023. The Operational Creditor paid the entire amount after the petition's admission. No claims were received, and the CoC was not formed. The Applicant/IRP was not present during the hearing. The court referred to the Swiss Ribbons case, which allows direct NCLT approach for withdrawal if the CoC isn't formed. The conditions for withdrawal under Section 12(A) and Regulation 30(A) were met.
Company Petition C.P.…
Interim Resolution…