Tribunal allowed withdrawal of CIRP against Smaran Enterprises LLP based on CoC resolution approving settlement with Financial Creditor. Corporate Debtor released from process; erstwhile board reinstated.
Application for withdrawal of CIRP allowed; Corporate Debtor released from CIRP; erstwhile board reinstated.
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.
IN THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH
COURT - IV
CORAM:
SHRI RAJESH SHARMA SMT. SUCHITRA KANUPARTHI MEMBER (Technical) MEMBER (Judicial)
ORDER SHEET OF THE HEARING HELD ON 10.02.2021
NAME OF THE PARTIES: Rajkumar Mahto – Applicant/Resolution Professional in the matter of Smaran Enterprises LLP v/s. Orasi Technology (India) Pvt. Ltd.
SECTION: 7 OF INSOLVENCY AND BANKRUPTCY CODE, 2016.
O R D E R
The Court is convened through Video Conference.
Contd….2
IA-92/2021 in CP(IB)-2430(MB)/2019
10.02.2021 / pvs
: 2 :
“ Resolved that in view of settlement agreement reached between Financial Creditor M/s. Smaran Enterprises LLP and Orasi Technology (India) Pvt. Ltd. and the deed of settlement dated 26.10.2020 which was placed before the meeting be and is hereby approved along with consideration of Bank of India, Mahalaxmi Branch, financial creditor placing before their OTS(One Time Settlement) letter dated 17.10.2020.”
“ Resolved Further that Mr. Rajkumar Mahto, Resolution Professional, be and is hereby authorised to initiate application for withdrawal under Section 12A of Insolvency and Bankruptcy Code, 2016 (IBC) and to do all necessary acts, deeds in this regard.”
“ Resolved Further that Smaran Enterprises LLP shall do all needful support the Resolution Professional in withdrawing the application under Section 12A of the IBC, 2016 .”
IA-92/2021 in CP(IB)-2430(MB)/2019
Contd….3
10.02.2021 / pvs
: 3 :
Sd/- RAJESH SHARMA Member (Technical)
Sd/-
SUCHITRA KANUPARTHI
Member (Judicial)
10.02.2021 / pvs
2 issues framed by the court
Whether the application for withdrawal of Corporate Insolvency Resolution Process under Section 12A of IBC should be allowed given the CoC resolution and settlement agreement.
Whether the Corporate Debtor is released from CIRP and the erstwhile board reinstated upon withdrawal of CIRP.
2 provisions across 1 enactments
Rajkumar Mahto
Orasi Technology (India) Pvt. Ltd.
Rajesh Sharma
Suchitra Kanuparthi
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
