Allowed

In the matter of Finecrete Eco-Blocks Private Limited IA-1188(KB)2020 In C.P. (IB)-26(KB)2019, and IA-844, 912,1188 & 1255(KB)2020

NCLT12 Jan 2021

Case brief

AI extract

What is this about?

This order allowed an interim application for closure of the Corporate Insolvency Resolution Process against a private limited company. The tribunal closed the CIRP, restored the Board of Directors to their original position, and directed the handover of possession and documents based on the Committee of Creditors resolution and confirmation of expense payments.

What did the court decide?

CIRP against the corporate debtor is closed; Board of Directors restored; possession, books of accounts, and documents handed over to the Board; RP confirmed full payment of expenses.

In the matter of Finecrete Eco-Blocks Private Limited… — Insolvency and Bankruptcy | NCLT (2021)

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DIVISION BENCH O 110 and O 108, 109 & 111

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NATIONAL COMPANY LAW TRIBUNAL KOLKATA BENCH KOLKATA

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IA/1188(KB)2020

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In C.P. (IB)/26(KB)2019, and IA/844(KB)2020 IA/912(KB)2020 IA/1255(KB)2020

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Present: 1. Hon'ble Member(J), Shri Rajasekhar V.K.

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2. Hon'ble Member(T), Shri Harish Chander Suri

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ATTENDANCE-CUM-ORDER SHEET OF THE HEARING ON 12^th JANUARY, 2021, 10:30 A.M

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		STATE BANK OF INDIA Vs.
Name	of the Company M/S	FINECRETE ECO BLOCKS PRIVATE	LIMITED
Under	Section	Sec. 12A
Sl. No.	Name & Designation of Authorized Representative (IN CAPITAL LETTERS)	Appearing on behalf of	Signature with date

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Counsel/AR appeared through video conference:

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Mr. Joy Saha, Sr. Advocate ] For the applicant Mr. Shashi Agarwal, RP ] Self

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O R D E R

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I.A. No. 1188 of 2019 is an application under section 12A of the Code for closure of the Corporate Debtor. Mr. Joy Saha, Ld. Sr. Counsel present along with Mr. Shashi Agarwal, RP in the matter. CIRP was initiated against the Corporate Debtor vide order dated 03.10.2019 of this Adjudicating Authority. On 15.11.2019 the IRP was confirmed as the RP. Form ‘G’ was published on 17.12.2019 in response to which claims have been received only from sole Financial Creditor constituting the Committee of Creditors (COC) and the Income Tax Department. There are no other claimants.

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Ld. Sr. Counsel drew our attention to the minutes of the 9^th CoC meeting held on 21.12.2020 at which it has been resolved to close the CIRP and RP has been authorised to file an appropriate application in this regard, hence this application.

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Hearing the submissions of the Ld. Sr. Counsel and perusing the records, I.A. No. 1188 of 2020 is allowed with the following Orders:-

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a) The CIRP initiated against the Corporate Debtor vide order dated 03.10.2019 is hereby closed.

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b) The Board of Directors of the Corporate Debtor is restored its original position. The Corporate Debtor is freed from the rigours of the Code. The RP is directed to handover the possession of the Corporate Debtor along with its books of accounts and other documents to the Board of Directors of the Corporate Debtor.

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c) R.P. has confirmed that the CIRP expenses have been paid in full, therefore no further directions are necessary in this regard.

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d) I.A. No. 1188(KB) 2020 is disposed of in respect of the above directions. Consequently, IA/844 (KB) 2020 (item No. 108), I.A. 912(KB) 2020 (item No. 109 & I.A. 1255(KB) 2020 (item No. 111) are become infructuous and are dismissed.

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Harish Chander Suri Member (T)

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Rajasekhar V.K. Member (J)

In the matter of Finecrete Eco-Blocks Private Limited IA-1188(KB)2020 In C.P. (IB)-26(KB)2019, and IA-844, 912,1188 & 1255(KB)2020

Case brief

What is this about?

What did the court decide?

In the matter of Finecrete Eco-Blocks Private Limited IA-1188(KB)2020 In C.P. (IB)-26(KB)2019, and IA-844, 912,1188 & 1255(KB)2020

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

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