Allowed
In the matter of Adoration Ceramica Pvt. Ltd. [IA-755(AHM)2023 in C.P.(IB)-187(AHM)2022]
NCLTIA-755(AHM)2023 in C.P.(IB)-187(AHM)2022
Case brief
AI extract
What is this about?
The Adjudicating Authority allowed an application filed by the Insolvency Resolution Professional (IRP) for withdrawal of the main Corporate Insolvency Resolution Process (CIRP) under Section 9/12A of the Insolvency and Bankruptcy Code, 2016, as the operational creditor had settled and discharged the debt.
What did the court decide?
Termination of CIRP proceedings, release of corporate debtor from IBC rigors, and handing over control to suspended management.