Allowed

In the matter of Shivam Steels and Tubes Pvt. Ltd. I.A. 2635-2021 In C.P.(IB)-1847(MB)-2019

NCLT8 Nov 2021

Case brief

AI extract

What is this about?

This order allowed an application by the Interim Resolution Professional to withdraw the main Company Petition and the admission order dated 22.09.2021. Consequently, the Corporate Debtor was released from all rigours of the moratorium following a settlement with the Operational Creditor.

What did the court decide?

Withdrawal of CIRP admission order dated 22.09.2021 and release of the Corporate Debtor from all rigours of moratorium.

In the matter of Shivam Steels and Tubes Pvt. Ltd. I.A… — Insolvency and Bankruptcy | NCLT (2021)

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NATIONAL COMPANY LAW TRIBUNAL, MUMBAI BENCH COURT III

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I.A. 2635/2021

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IN C.P.(IB)-1847(MB)/2019

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CORAM: SHRI H.V. SUBBA RAO, MEMBER (J) SHRI CHANDRA BHAN SINGH, MEMBER (T)

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ORDER SHEET OF THE HEARING OF MUMBAI BENCH OF THE NATIONAL COMPANY LAW TRIBUNAL ON 08.11.2021

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NAME OF THE PARTIES: Kailash Sinari & Co.

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V/s

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Shivam Steels And Tubes Pvt Ltd.

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SECTION 9 OF INSOLVENCY AND BANKRUPTCY CODE, 2016

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ORDER

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Counsel for the Applicant, Mr. Shyam Kapadia and counsel for the IRP, Mr. Manoj Mishra are present through virtual hearing

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I.A. 2635/2021

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The above application is filed by the IRP, Mr. Jagdish Ratanlal Ahuja under section 12A of the Code for withdrawing the main Company Petition 1847 of 2019 in view of the settlement entered into between the Operational Creditor and the Corporate Debtor. The Operational Creditor has received an amount of 7,00,000/- against the total amount of 13,93,534.25/- towards full and final settlement.

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The Interim Resolution Professional has issued an advertisement for invitation of the claims, but till date no claims have been received by the Interim Resolution Professional therefore the Committee of Creditor has not been constituted.

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The Operational Creditor has also paid the fees of the IRP in a sum of Rs. 4,34,370/- (including GST).

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The Applicant further submits that the Operational Creditor has submitted Form FA dated 01.11.2021 for withdrawal of CIRP process.

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After hearing the submissions made by the IRP and upon perusing the material available on record, this Bench feels that the above I.A. deserves to

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be allowed and accordingly, the same is allowed and the CIRP admission order dated 22.09.2021 passed by this Bench against the Corporate Debtor is withdrawn by releasing the Corporate Debtor from all rigours of moratorium.

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Sd/- Sd/CHANDRA BHAN SINGH H.V. SUBBA RAO Member (Technical) Member (Judicial)

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H.V. SUBBA RAO Member (Judicial)

In the matter of Shivam Steels and Tubes Pvt. Ltd. I.A. 2635-2021 In C.P.(IB)-1847(MB)-2019

Case brief

What is this about?

What did the court decide?

In the matter of Shivam Steels and Tubes Pvt. Ltd. I.A. 2635-2021 In C.P.(IB)-1847(MB)-2019

Case brief

What is this about?

What did the court decide?

What the court decided

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