This order allows the withdrawal of an insolvency application (IB-1340/ND/2018) under Section 12(A) of the IBC following a 100% CoC vote and due to unverified creditor claims.
The insolvency application IB-1340/ND/2018 is withdrawn; the matter is disposed of.
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: NEW DELHI COURT – IV
ITEM No. 1 (IB)/1340/ND/2018 IA-663/ND/2021 IN THE MATTER OF: M/s C & S Electric Ltd. … Applicant/Petitioner Vs M/sUnllec Engineers Ltd. … Respondent
Order under Section 9 of IBC.
Order delivered on 08.02.2021
Coram:
DR. DEEPTI MUKESH, HON’BLE MEMBER (JUDICIAL) MS. SUMITA PURKAYASTHA, HON’BLE MEMBER (TECHNICAL)
PRESENT:
For the RP : Mr. Mansij Arya, For the Respondent : Mr. DeokantTripathi, Mr.Saurbh Pal, Advs.
ORDER
IA No. 663/ND/2021:
This is an application filed under Section 12(A) of the Insolvency & Bankruptcy Code, 2016 by IRP on behalf of the Operational Creditor seeking withdrawal of IB-1340/ND/2018. Learned Resolution Professional present in person and states that CoC in its 5th Meeting held on 22.01.2021 approved the issue of applying for withdrawal of insolvency application by 100% voting. The copy of minutes of the said meeting along with Form ‘FA’ being the consent of Operational Creditor are annexed. Mr. Rahul Malhotra, Learned Counsel for the Operational Creditor confirms the same.
Considering the submissions made and documents on record, we are of the view that application can be allowed. Learned Counsel for the Resolution Professional further states that only one claim of the Operational Creditor was received which was also after the expiry of receiving the claims and which has still not been verified.
Hence, we allow the application, thereby allowing to withdraw IB1340/ND/2018 and disposed of.
IB-1340/ND/2018 stands disposed of in terms of the above order.
Sd/-
Sd/-
SUMITA PURKAYASTHA DR. DEEPTI MUKESH MEMBER (TECHNICAL) MEMBER (JUDICIAL)
1 issue framed by the court
Whether the application for withdrawal of insolvency proceedings under Section 12(A) of the IBC should be allowed.
2 provisions across 1 enactments
M/s C & S Electric Ltd.
M/s Unllec Engineers Ltd.
Dr. Deepti Mukesh
Ms. Sumita Purkayastha
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
