Allowed
In the matter of Powerage Towers Ltd. IA-95(MP)2022 in Tp 75 of 2019 [Cp(Ib) 60 of 2018]
NCLTCP(IB) 60 of 2018
Case brief
AI extract
What is this about?
The Tribunal disposed of an application filed by the Resolution Professional to drop the CIRP. The court held that since a settlement was reached between the parties and the Committee of Creditors was not formed, the debtor was released from CIRP rigours and the application was allowed.
What did the court decide?
The application for dropping the Corporate Insolvency Resolution Process was allowed and the Corporate Debtor was released from CIRP rigours.