Partly allowed

In the matter of Avon Moldplast Pvt. Ltd. Ia No. 181 & 192-2022 in Cp (Ib) No. 312-ALD-2019

NCLT6 Jul 2022

Case brief

AI extract

What is this about?

The Tribunal allowed an application under Section 12A of the IBC filed before the Committee of Creditors was constituted. Dismissing the main application as withdrawn, it lifted the moratorium, discharged the Resolution Professional, and allowed the corporate debtor to function independently via its Board of Directors.

What did the court decide?

IA No. 181/2022 allowed; CP (IB) No. 312/ALD/2019 dismissed as withdrawn; moratorium under Section 14 ended; IRP discharged; Corporate Debtor allowed to function independently.

In the matter of Avon Moldplast Pvt. Ltd. Ia No. 181… — Insolvency and Bankruptcy | NCLT (2022)

¶1

DIVISION BENCH ITEM NO. 109

¶2

NATIONAL COMPANY LAW TRIBUNAL ALLAHABAD BENCH PRAYAGRAJ

¶3

IA No. 181/2022 IN CP (IB) No. 312/ALD/2019

¶4

CORAM:

¶5

1. SHRI HARNAM SINGH THAKUR, HON’BLE MEMBER (JUDICIAL)

¶6

2. SHRI SUBRATA KUMAR DASH, HON’BLE MEMBER (TECHNICAL)

¶7

ATTENDANCE-CUM-ORDER SHEET OF THE HEARING ON 6^th July, 2022, 2:30 pm

¶8

NAME OF THE COMPANY	PRAYAG POLYTECH PVT LTD V/S AVON MOLDPLAST LTD
UNDERSECTION	9 IBC

¶9

COUNSEL APPEARED THROUGH VIDEO CONFERENCING:

¶10

Sh. Deep Bisht, Adv. : For the Applicant/ RP in IA No.181/2022 Sh. Mohit Chaudhary, Adv. : For the Respondent/ Corporate Debtor.

¶11

ORDER

¶12

IA No. 181/2022

¶13

The present application has been filed under Section 12A of IBC before constitution of CoC. It is stated by the learned counsel for the Applicant that no other claim has been received so far and the matter has been settled between the parties. Ld. Counsel appearing on behalf of respondent/ corporate has also endorsed the same.

¶14

Keeping in view the submissions made by Ld. Counsel for both the parties, the present IA NO.181/2022 is allowed and CP (IB) No.312/ALD/2019 stands dismissed as withdrawn.

¶15

Consequently, moratorium U/s 14 of the Code comes to an end. The IRP/ RP is discharged. Respondent/ Corporate Debtor is released from all the rigours of law and is allowed to function independently through its Board of Directors from immediate effect.

¶16

(Subrata Kumar Dash) Member (Technical)

¶17

(Harnam Singh Thakur) Member (Judicial)

¶18

6^th , July, 2022

¶19

Md. Zaid (Stenographer)

In the matter of Avon Moldplast Pvt. Ltd. Ia No. 181 & 192-2022 in Cp (Ib) No. 312-ALD-2019

Case brief

What is this about?

What did the court decide?

In the matter of Avon Moldplast Pvt. Ltd. Ia No. 181 & 192-2022 in Cp (Ib) No. 312-ALD-2019

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

Similar cases