The NCLT allowed an IA to withdraw the Corporate Insolvency Resolution Process initiated under Section 12A following a deed of settlement by the parties and CoC approval, releasing the debtor from moratorium.
Permission granted to withdraw CIRP; applicant released from moratorium to function through its own board; case disposed of.
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.
104
NATTONAL COMPANY LAW TRIBUNAL. CUTTACK BENCH. CUTTACK
ORDER SHEET OF THE HEARING ON 14th NOVEMBER, 20t9,10:30 A.M.
CP (IB) No. 51/CTBl20t9
Present: 1. Hon'ble Membero Ms. Sucharitha R. (J) 2. Hon'ble Member, Shri Satya Ranjan Prasad (T)
IWs MT & T Rentals Ltd. -Vs- M/s Shree Shankar Infratech Name of the Company Pvt. Ltd. Under Section 9 IBC
Coram: 1. Hon'ble Member, Ms. Sucharitha R. (O
For Petitioner (s)
Rakesh Kumar Mallick Jasmeet Kaur
For Respondent (s)
Sunil Kumar Keswani Ram Kishor Prasad Shah
ORDER
Matter heard, reserved for order.
sd.
t
Sh ri,sitya Ranj an Prasad Mgfnber (T) L-
sd lv Ms. Sucharitha R. Member(J)
Kaushal-Steno
104
NATIONAL COMPANY LAW TRIBUNAL"CUTTACK BENCH. CUTTACK
ORDER SHEET OF THE HEARING ON 14th NOVEMBER, 2OIL,1O:30 A.M.
CP (IB) No. 51/CTB/2019
Present: l. Hon,ble Member, Ms. Sucharitha R. (O 2. Hon'ble Member, Shri Satya Ranjan prasad (T)
IWs MT & T Rentals Ltd. -vs- M/s sm Name of the Company Pvt. Ltd. 9 IBC
Coram: 1. Hon'ble Member, Ms. Sucharitha R. (O 2. Hon,ble Member, Shri Satya Ranjan prasad (T)
For Petitioner (s)
Rakesh Kumar Mallick Jasmeet Kaur
For Respondent (s)
Sunil Kumar Keswani Ram Kishor Prasad Shah
ORDER
IA No' l55lCTBl20l9, has been filed by the Operational Creditor praying for termination of the CIR process which was initiated on 27.09.2019 on admission of their CP(IB) No. 5l/CTBlz}lg. Ld. Counsel for the operational Creditor and authorized representative on behalf of the Corporate Debtor are present before this Adjudicating Authority today. The RP has filed 2,d progress report and is present today. Meanwhile, both the parties have settled the claim between themselves under deed of settlement dated 30.10.201g. The Rp submits that coc meeting was held on 0g.rr.2org. The coc meeting on 0g.rr.2org, approved with 100% voting for filing the petition under Section l2A for withdrawal of the CIRP. Hence, they seek permission of the Adjudicating
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ont.....2
Kaushal-Steno sc sd.
Authority to withdraw the application filed by Operational Creditor under Section 12A of IBC,2015.
The Corporate Debtor is released from the rigors of the moratorium and is permiued to function through its own board.
The next date of hearing in the case is hereby cancelled.
Accordingly, CP(IB) No. sllCTBl2O19 is disposed off.
sd.
i Saffi Ranjan Prasad eryber (T)
I ' Ms. Sucharitha R. Member(J)
Kaushal-Steno
2 issues framed by the court
Whether permission be granted to withdraw the Corporate Insolvency Resolution Process under Section 12A of the Insolvency and Bankruptcy Code, 2016.
Whether the applicant should be released from the moratorium to function through its own board.
2 provisions across 1 enactments
MT & T Rentals Ltd.
M/s Shree Shankar Infratech Name of the Company Pvt. Ltd.
Ms. Sucharitha R.
Shri Satya Ranjan Prasad
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
