NCLT Kochi Bench allowed an application to withdraw an insolvency application under Section 12A of the IB Code after the corporate debtor paid the full outstanding balance and the IRP received remuneration, complying with applicable regulations.
The M.A. No.16/KOB/2019 allowed; TIBA/16/KOB/2019 disposed of as withdrawn.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
1
MA/16/KOB/2019 in TIBA/16/KOB/2019
IN THE NATIONAL COMPANY LAW TRIBUNAL KOCHI BENCH AT ERNAKULAM MA No. 16/KOB/2019 IN TIBA/16/KOB/2019
(Under Section 12A of the IB Code, 2016 read with Regulation 30A of the Insolvency
and bankruptcy Board of India (IBPCP) Regulations, 2016)
And
(In the matter of M/s Ultra Tech Cement Limited and Inkal Ventures Private Limited)
Date of order: 14.11.2019
The above M.A has been filed by the Interim Resolution Professional appointed by this Tribunal in TIBA/16/KOB/2019 praying for withdrawal of the application bearing No.TIBA/16/KOB/2019 admitted under Section 9 of the Insolvency and Bankruptcy Code.
2 TIBA No.16/KOB/2019 has been admitted on 25.10.2019 and Shri Padmakumar KC has been appointed as the Interim Resolution Professional (IRP). The IRP has stated that before receipt of the order, the Operational Creditor has submitted Form FA under Regulation 30A of the IBB (IRPCP) Regulations, 2016 stating that the Corporate Debtor has remitted the entire balance due of Rs. 6,16,383/- on 5.11.2019 to the Operational Creditor.
3 He has further stated that he has received remuneration and expenses incurred by him during the CIR Process from the Operational Creditor. He has produced the Section 12A application authorising him to withdraw the application and submits that this Tribunal by an order may approve such an application. The withdrawal application was received prior to the constitution of the Committee of Creditors and the
2
MA/16/KOB/2019 in TIBA/16/KOB/2019
Operational Creditor/applicant has complied with the terms of withdrawal provided under Regulation 30A.
6,16,383/- to the Operational Creditor by way of Demand Draft No.005322 dated 5.11.2019. Further the IRP confirmed that he has received his remuneration and expenses incurred during the CIR Process from the Operational Creditor.
application filed by the IRP and dispose of the TIBA/16/KOB/2019 as withdrawn.
Dated the 14th day of November, 2019
( Veera Brahma Rao Arekapudi) (Ashok Kumar Borah) Member (Technical) Member (Judicial)
1 issue framed by the court
Whether the Corporate Insolvency Resolution Process can be closed upon full payment of debt to the operational creditor before constitution of Committee of Creditors.
2 provisions across 2 enactments
M/s Ultra Tech Cement Limited
Inkal Ventures Private Limited
Veera Brahma Rao Arekapudi
Ashok Kumar Borah
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
