Allowed

In the matter of Madhushree Industries Private Limited IA(I.B.C)-906(KB)2021 in C.P.(IB)-1699(KB)2019

NCLT1 Nov 2021

Case brief

AI extract

What is this about?

The National Company Law Tribunal allowed the application to close the Corporate Insolvency Resolution Process against the Corporate Debtor. The court restored the Board of Directors and directed the return of documents, dismissing the main creditor's petition as withdrawn.

What did the court decide?

The CIRP initiated vide order dated 13.08.2021 is closed; the Corporate Debtor is freed from the rigours of the Code; the Board of Directors is restored; and the IRP is directed to return documents an

In the matter of Madhushree Industries Private Limited… — Insolvency and Bankruptcy | NCLT (2021)

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DIVISION BENCH COURT - I

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NATIONAL COMPANY LAW TRIBUNAL KOLKATA BENCH KOLKATA

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C.P. (IB)/1699(KB)2019 IA(I.B.C)/906(KB)2021

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Present: 1. Hon'ble Member(J), Shri Rajasekhar V.K. 2. Hon'ble Member(T), Shri Balraj Joshi

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ATTENDANCE-CUM-ORDER SHEET OF THE HEARING ON 01^st November, 2021, 10:30 A.M

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Name	of the Company	THE MINING INDUSTRIAL CORPORA Vs. MADHUSHREE INDUSTRIES PRIVATE L	TION IMITED
		IBC Under Sec 9
Under	Section	(CIRP)
Sl. No.	Name & Designation of Aut Representative (IN CAPITA	horized L LETTERS) Appearing on behalf of	Signature with date

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Appearances (via video conference)

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Mr. Shaunak Mitra, Advocate ] For the applicant/Operational Creditor Mr. Saurav Jain, Advocate ]

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O R D E R

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IA 906 (KB)/2021 :

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Ld. Counsel for the applicant is present.is an application under Section 12A of the Code read with Regulation 30-A(1)(d) of the Corporate Insolvency Resolution Process Regulations seeking closure of the CIRP initiated against the Corporate Director vide order dated 13.08.2021.

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The last date for filing of claim with the IRP was 03/09/2021 and the due date for verification of the claims was 27/08/2021. As on date of filing of the application only one claim has been received which is that of the Operational Creditor. The Committee of Creditors (CoC) was constituted with the Petitioning Operational Creditor as its sole member. After the members of the suspended board approached the petitioning Operational Creditor for settlement, the CoC considered the settlement and has accorded its approval at its meeting held on 05/10/2021, minutes of which have been placed at

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pages 63-67 with the relevant pages 65 & 66, Agenda item No. 4. There is no objector before us, nor is there any application pending filed by any Creditor against the Corporate Debtor. The CIRP costs are stated to have been paid in full.

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In these circumstances there is no impediment to allow the application for closure of the CIRP.

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It is therefore, hereby ordered as follows:-

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a. The CIRP initiated against the Corporate Debtor vide order dated 13.08.2021 is hereby closed and the Corporate Debtor is freed from rigours of the Code.

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b. The Board of Directors of the Corporate Debtor restored to its original position.

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c. The IRP is hereby directed to return the documents and properties of the Corporate Debtor to the restored Board of Directors under proper acknowledgement.

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With these directions I.A. 906 (KB) 2021 shall stand allowed . Consequently, CP 1699 (KB) 2019 is dismissed as withdrawn.

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File be consigned to the records.

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Balraj Joshi Member (Technical)

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Rajasekhar V.K. Member (Judicial)

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In the matter of Madhushree Industries Private Limited IA(I.B.C)-906(KB)2021 in C.P.(IB)-1699(KB)2019

Case brief

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In the matter of Madhushree Industries Private Limited IA(I.B.C)-906(KB)2021 in C.P.(IB)-1699(KB)2019

Case brief

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