Allowed

In the matter of Eledorado Entertainment Pvt. Ltd. (IB)-1322(ND)2019

NCLT13 Dec 2019

Case brief

AI extract

What is this about?

This order allowed the withdrawal of an insolvency resolution application under Section 9 of the IBC. The Tribunal ruled in favor of the applicant as parties had amicably settled the matter, the claim was satisfied, and a settlement agreement was executed with COC approval. Liberty was granted to revive the case upon breach of settlement terms.

What did the court decide?

Application under Section 9 and withdrawal application under Section 12A allowed and disposed of; liberty granted for revival on breach of settlement.

In the matter of Eledorado Entertainment Pvt. Ltd… — Insolvency and Bankruptcy | NCLT (2019)

¶1

IN THE NATIONAL COMPANY LAW TRIBUNAL COURT NO. IV, NEW DELHI

¶2

Item No. 101 (IB)-1322(ND)2019

¶3

Under Section: 9 of IBC.

¶4

In the matter of:

¶5

…. Applicant

¶6

M/s Impressions Services Pvt Ltd …. Applicant Vs. EledoradoEntertainment Pvt Ltd …. Respondent

¶7

Order delivered on 13.12.2019

¶8

CORAM

¶9

DR. DEEPTI MUKESH, HON’BLE MEMBER (J) SHRI HEMANT KUMAR SARANGI, HON’BLE MEMBER (T)

¶10

For the Applicant : Mr. Kumar Ankur, Adv. Mr. Karan Bindra, Adv. For the Respondent : For the RP : Mr. Rajeev Kumar Raizada

¶11

ORDER

¶12

CA No. 629 is an application filed under Section 12A seeking withdrawal of the present application stating that the parties have amicably settled the matter. IRP Mr. Rajiv Kumar Raizada, present in person and states that there is only one claim received which was of the present Operational Creditor and the same is settled by the Corporate Debtor. Committee of Creditors was formed and the settlement agreement duly executed between the

¶13

parties on 07.10.2019. The learned IRP states that the minutes of

¶14

the Ist COC Meeting dated 13.11.2019, at resolution was passed with the 100% voting shares by sole COC Member that in view of the settlement, the IRP Mr. Rajiv Kumar Raizada to file withdrawal application. Learned counsel for the IRP further states that CIRP cost and fees of IRP are paid and nothing is due and Form FA being the consent form by the applicant is annexed with the application. Learned counsel for the Operational Creditor confirms the same. In view of the submission made and documents placed on record, application is allowed thereby IB1322/ND/2019 along with CA No. 629 is disposed of in terms of the above order.

¶15

Learned counsel further states that liberty may be granted in case of settlement terms are breached. Liberty is granted to revive the application, in case of breach of settlement terms.

¶16

Sd/Sd/(HEMANT KUMAR SARANGI) (DR. DEEPTI MUKESH) MEMBER (TECHNICAL) MEMBER (JUDICIAL)

¶17

Mukesh

In the matter of Eledorado Entertainment Pvt. Ltd. (IB)-1322(ND)2019

Case brief

What is this about?

What did the court decide?

In the matter of Eledorado Entertainment Pvt. Ltd. (IB)-1322(ND)2019

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

Similar cases