The case involves a petition filed under Section 12A of the Insolvency and Bankruptcy Code, 2016, read with Regulation 30A of the IBBI Regulations. Shree Hari Coal Corporation, the applicant, sought to withdraw its application against Akshar Fabrics Pvt Ltd, the corporate debtor, due to a settlement reached between the parties. The Corporate Insolvency Resolution Process (CIRP) had commenced against Akshar Fabrics based on an order dated 2023-09-11.
Shree Hari Coal Corporation initiated Corporate Insolvency Resolution Process (CIRP) against Akshar Fabrics Pvt Ltd by filing Company Petition No. 331 of 2022. The CIRP commenced on 2023-09-11. Subsequently, Shree Hari Coal Corporation and Akshar Fabrics Pvt Ltd reached a settlement. Shree Hari Coal Corporation then filed an application under Section 12A of the Insolvency and Bankruptcy Code, 2016, seeking to withdraw the CIRP application. The Interim Resolution Professional (IRP) confirmed that all fees and expenses had been received. The Committee of Creditors (CoC) had not been constituted. Form FA, evidencing the settlement, was presented to the court.
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Corporate Insolvency…
Order delivered allowing the withdrawal of the…
The case involves a petition filed under Section 12A of the Insolvency and Bankruptcy Code, 2016, read with Regulation 30A of the IBBI Regulations. Shree Hari Coal Corporation, the applicant, sought to withdraw its application against Akshar Fabrics Pvt Ltd, the corporate debtor, due to a settlement reached between the parties. The Corporate Insolvency Resolution Process (CIRP) had commenced against Akshar Fabrics based on an order dated 2023-09-11.
Shree Hari Coal Corporation initiated Corporate Insolvency Resolution Process (CIRP) against Akshar Fabrics Pvt Ltd by filing Company Petition No. 331 of 2022. The CIRP commenced on 2023-09-11. Subsequently, Shree Hari Coal Corporation and Akshar Fabrics Pvt Ltd reached a settlement. Shree Hari Coal Corporation then filed an application under Section 12A of the Insolvency and Bankruptcy Code, 2016, seeking to withdraw the CIRP application. The Interim Resolution Professional (IRP) confirmed that all fees and expenses had been received. The Committee of Creditors (CoC) had not been constituted. Form FA, evidencing the settlement, was presented to the court.
Corporate Insolvency…
Order delivered allowing the withdrawal of the…