IN RE Vs. PARKER HANNIFIN INDIA PVT LTD

JUDGEMENT

(1.) Insolvency Resolution Professional (IRP) Shri Arun Kumar Gupta, has filed progress report in the case wherein it is mentioned that in the first meeting of Committee of Creditors (CoC) took place on 06/05/2017 wherein all members were present. The CoC decided to abstain from voting in the meeting and necessary decisions would be taken in the next meeting of the CoC. He however informed that the next meeting of the CoC would be convened after the information memorandum was ready for circulation.

(2.) Report of the IRP be kept on record.

(3.) Ia No. 226/KB/2017 has been filed by the Corporate Debtor for withdrawing the Petition on the ground that after admission of the Petition under Section 9 of the Insolvency and Bankruptcy Code 2016 (1BC-2016) and issuance a public announcement in newspapers, the representative of the Applicant and Corporate Debtor held discussions with a view to resolve the disputes between them in an amicable manner and arrived at an amicable resolution. The Petitioner has stated that in view thereof he does not incline to pursue the present Company Petition and desirous to withdraw the same. On that basis, the Petitioner/Applicant has filed the Application for withdrawing the Petition.