2022 (3) TMI 990

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....olution Process for Corporate Persons) Regulations, 2016 by the Interim Resolution Professional seeking the following relief: * Pass an order for withdrawal of the Application No. CP(IB)/23/KOB/2021 admitted under Section 9 of the Insolvency and Bankruptcy Code based on the Form-FA filed by the Operational Creditor under Section 12A of Insolvency and Bankruptcy Code, 2016 read with Regulation 30A of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. 2. The brief facts of the case are as under:- Vide order dated 07th January 2022 in CP(IB)/23/KOB/2021 this Tribunal admitted the application filed by M/s. Raychem-RPG Private Limited, the Operational Creditor against the Corporate Debtor M/s. Sour....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....f order of this Tribunal admitting the Insolvency Petition; c) Rs. 30,00,000/- has been paid to the applicant on behalf of the Corporate Debtor upfront on executing the settlement terms; d) Corporate Debtor would pay an amount of Rs. 10,00,000/- per month starting from 1st March 2022, until the entire amount of Rs. 4,43,12,565/- is paid. 4. The IRP has placed the Form-FA before the Committee of Creditors in its meeting held on 11th February 2022. The Committee observed that the Corporate Debtor is a going concern and is engaged in the business of installation and maintenance of solar power plants for domestic as well as commercial purpose and has running projects. Further there are only two claims received by the IRP. O....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Agenda Item No. 7 is as under:- "RESOLVED THAT the application in Form FA for withdrawal of the application filed by the operational creditor, M/s. Raychem RPG Private Limited, before the Hon'ble National Company Law Tribunal having application number CP(IBC)/23/KOB/2021 is approved by the Committee of Creditors and the Interim Resolution Professional is hereby permitted to file the application before the Hon'ble National Company Law Tribunal, Kochi, along with the terms and conditions of settlement. The permission issued is subject to the condition that the members of the committee reserve their right to initiate fresh proceedings under insolvency and Bankruptcy Code, 2016 and other forums, in case of default by the Corpor....