Allowed

In the matter of Ishu Food Pvt. Ltd. IA-2853-ND-2021 in (IB)-306(ND)2020

NCLT9 Aug 2021

Case brief

AI extract

What is this about?

This appellate order disposed of a petition concerning the withdrawal of a Corporate Insolvency Resolution Process. The Tribunal allowed the IRP's application for withdrawal based on an amicable settlement and consent form filed by the Operational Creditor, thereby relieving the Corporate Debtor from CIRP rigours.

What did the court decide?

The IB Application (IB-306/ND/2020) stands withdrawn and disposed; liberty to revive granted; Corporate Debtor relieved of CIRP rigours; IRP directed to return assets within two days.

In the matter of Ishu Food Pvt. Ltd. IA-2853-ND-2021 in… — Insolvency and Bankruptcy | NCLT (2021)

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IN THE NATIONAL COMPANY LAW TRIBUNAL: NEW DELHI COURT – IV

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IA-2853/ND/2021 IN THE MATTER OF:	ITEM No.102 (IB)-306(ND)2020
Ms. Sarada Ajarananda Sole Proprietor …	Applicant
Madhu Gas Service Vs.
Ishu Food Pvt. Ltd. …	Respondent

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Order under Section 9 of IBC.

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Order delivered on 09.08.2021

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Coram: DR. DEEPTI MUKESH, HON’BLE MEMBER (JUDICIAL)

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MS. SUMITA PURKAYASTHA, HON’BLE MEMBER (TECHNICAL)

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PRESENT:

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For the RP : Mr. Pankaj Jain, Adv. For the Respondent :

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ORDER

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IA No. 3444/ND/2021:

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This is a Report filed by the IRP annexing the list of creditors and public announcement. The same is taken on record with all just exceptions. Place it with the main file for further reference. Application is allowed and disposed of in terms of the above order.

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IA No. 2853/ND/2021:

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Application filed by the IRP under Section 12 of the Insolvency & Bankruptcy Code, 2016. Learned Counsel for the IRP states that the parties have amicably settled the matter by way of settlement agreement executed between the parties on 06.07.2021 which is placed on record. Form ‘FA’ being consent of the Operational Creditor is also on record. Learned Counsel further states that there was only one Operational Creditor who has filed the claim and no CoC is formed, since no Financial Creditors claim was

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received. Learned Counsel further states that fees and CIRP expenses are paid and nothing is due and in view of the same, IB application may be withdrawn and seeks liberty in terms of prayer ‘b’.

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Considering the submission made and documents on record, we allow this application, thereby IB-306/ND/2020 stands withdrawn and disposed and liberty is granted to revive the application in terms of prayer ‘b’, if settlement is breached.

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Corporate Debtor is free from the rigours of the CIRP and IRP is directed that if he has received any assets from the Corporate Debtor, he shall return everything to the management of the Corporate Debtor within two days.

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Sd/SUMITA PURKAYASTHA MEMBER (TECHNICAL)

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Sd/DR. DEEPTI MUKESH MEMBER (JUDICIAL)

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MUKESH

In the matter of Ishu Food Pvt. Ltd. IA-2853-ND-2021 in (IB)-306(ND)2020

Case brief

What is this about?

What did the court decide?

In the matter of Ishu Food Pvt. Ltd. IA-2853-ND-2021 in (IB)-306(ND)2020

Case brief

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What did the court decide?

What the court decided

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