The Corporate Insolvency Resolution Process (CIRP) was initiated against Airlink Teleinfra LLP, with CP(IB) 574/2019 being admitted on 2021-03-01 and Nandish Sunilbhai Vin appointed as the Interim Resolution Professional (IRP). Subsequently, the parties reached a settlement, leading to the filing of an application under Section 12A of the Insolvency and Bankruptcy Code (IBC) to withdraw the CIRP. The application was supported by Form-FA, and the IRP's learned lawyer submitted that the Committee of Creditors (COC) had not yet been constituted. The IRP's professional fees and expenses were cleared. The court considered the settlement and the Supreme Court's observation in Swiss Ribbons Pvt. Ltd. & Anr. Vs. Union of India & Ors., which clarified that a party can

The Corporate Insolvency Resolution Process (CIRP) was initiated against Airlink Teleinfra LLP, with CP(IB) 574/2019 being admitted on 2021-03-01 and Nandish Sunilbhai Vin appointed as the Interim Resolution Professional (IRP). Subsequently, the parties reached a settlement, leading to the filing of an application under Section 12A of the Insolvency and Bankruptcy Code (IBC) to withdraw the CIRP. The application was supported by Form-FA, and the IRP's learned lawyer submitted that the Committee of Creditors (COC) had not yet been constituted. The IRP's professional fees and expenses were cleared. The court considered the settlement and the Supreme Court's observation in Swiss Ribbons Pvt. Ltd. & Anr. Vs. Union of India & Ors., which clarified that a party can