Allowed
In the matter of S v. Equipments Pvt. Ltd. Ia(Ibc) 639-2022 in Cp(Ib) No. 79-9-HDB-202
Case brief
AI extract
What is this about?
The Tribunal allowed an application under Section 12A of the IBC, 2016, permitting the withdrawal of CIRP initiated against the corporate debtor. This decision followed a confirmation by both parties of an amicable settlement, resulting in the recall of the previous corporate insolvency resolution process order and the release of the debtor to function independently.
What did the court decide?
Recall of CIRP order dated 21.06.2022; Corporate Debtor released and allowed to function independently through Board of Directors.