Allowed

In the matter of Onkar Electronics Pvt. Ltd. Ia No. 2458-ND-2021 in IB-1604-(ND)-2019

NCLT16 Sept 2021

Case brief

AI extract

What is this about?

The Tribunal allowed the application filed by the IRP who was not confirmed as Resolution Professional. As no claims were received, CIRPs could not progress due to lack of cooperation from the Corporate Debtor and absence of operational creditors. The Tribunal discharged the IRP and terminated the CIRP.

What did the court decide?

CIRP initiated against the Corporate Debtor stands terminated; the Interim Resolution Professional is discharged from duty.

In the matter of Onkar Electronics Pvt. Ltd. Ia No… — Insolvency and Bankruptcy | NCLT (2021)

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

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IN THE MATTER OF:	ITEM No. 106 IA No. 2458/ND/2021 IB-1604/(ND)/2019
Arinjaya Kuar Jain	….Applicant
Vs.
Onkar Electronics Pvt. Ltd.	….Respondent

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Order under Section 9 of IBC.

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Order delivered on 16.09.2021

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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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PRESENTS: For the Applicant : For the RP/IRP : Mr. Rajbir Singh Khatak For the Respondent : ORDER

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IA No. 2458/ND/2021:

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Application filed by IRP who is not confirmed as RP. Learned IRP Mr. Rajvir Singh states that since time of publication of the notice, after the initiation of CIRP, in September 2020, no claims are received. CIRP has not progressed. CoC is not formed. Operational creditor is not coming forward for filing claim before IRP. CIRP cannot progress and cannot be continued. The IRP still continue and also not relieved. The IRP is functioning till date and at this stage makes a request that in view of the above circumstances, the CIRP may be declared to be closed, as no Resolution is possible in view of the absence of any response from the Corporate Debtor. The IRP further states that even the Corporate Debtor has not extended any cooperation as the CIRP was initiated ex-parte against the Corporate Debtor. Any notice sent to the company address or Ex.-Director was received with the remarks, “no such company found nor any addresses of the Directors are being

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served”. Learned IRP requests that he should be discharged from acting as IRP by deciding suitable fees. He further states that Rs. 1,00,000/- was deposited by the Operational Creditor out of which the expenses amounted to Rs. 40,588/-. He further request that suitable fees be decided by this Court and be ordered. The IRP is directed to adjust the balance amount with him deposited by Operational Creditor as his fees and he is discharged from duty of acting as IRP of the Corporate Debtor Onkar Electronics Pvt. Ltd. In our view, there is no point in going ahead with the CIRP of the Corporate Debtor as none of the parties are available and IRP stands discharged today. In view of the above circumstances, CIRP initiated against the Corporate Debtor stands terminated. Application is allowed in terms of above order and disposed of, thereby IB-1604/ND/2019 stands disposed of in terms of above order.

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Sd/SUMITA PURKAYASTHA MEMBER (T)

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Sd/DR. DEEPTI MUKESH MEMBER (J)

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Vaishali – 16.09.2021

In the matter of Onkar Electronics Pvt. Ltd. Ia No. 2458-ND-2021 in IB-1604-(ND)-2019

Case brief

What is this about?

What did the court decide?

In the matter of Onkar Electronics Pvt. Ltd. Ia No. 2458-ND-2021 in IB-1604-(ND)-2019

Case brief

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What did the court decide?

What the court decided

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