The Tribunal allowed the withdrawal application and disposed of the CIRP petition due to the settlement between the Operational Creditor and the Corporate Debtor, discharging the Resolution Professional.
Allowance of withdrawal application; Dismissal of CIRP petition as withdrawn; Discharge of Resolution Professional.
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.
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THE NATIONAL COMPANY LAW TRIBUNAL CHANDIGARH BENCH, CHANDIGARH (through web-based video conferencing platform)
Item No. 13 IA No. 1575/2022 And CP (IB) No. 152/Chd/Hry/2020 (Admitted Matter)
Under Section 9, 12A of the Insolvency and Bankruptcy Code, 2016 read with Regulation 30A (3) of the IBBI (IRP for CP) Regulations, 2016
In the matter of:-
Revex Plasticisers Pvt. Ltd. …Operational Creditor
Vs.
Compaq International Pvt. Ltd. …Corporate Debtor
Present through Video Conferencing:
Mr. Raghav Kakkar, Advocate for the applicant in IA No. 1575/2022. Mr. G.S. Sarin, Practising Company Secretary for the operational creditor.
IA No. 1575/2022
IA No. 1575/2022 has been filed under Section 12A of the Insolvency and Bankruptcy Code, 2016 read with Regulation 30A (3) of the IBBI (IRP for CP) Regulations, 2016 for the withdrawal of the CP (IB) No. 152/Chd/Hry/2020 on the ground that the matter has been settled between the parties and the COC has not been constituted so far. It is stated by authorized representative on behalf of operational creditor that as per the settlement entire payment has been paid. Form FA dated 20.10.2022 has been placed on record as Annexure-3. Keeping in view the fact and circumstance mentioned in the
IA No. 1575/2022 And CP (IB) No. 152/Chd/Hry/2020 (Admitted Matter)
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application and statement made on behalf the learned authorized representative of operational creditor, IA No. 1575/2022 is allowed and applicant is permitted to withdraw the CP (IB) No. 152/Chd/Hry/2020. Accordingly, IA No. 1575/2022 is disposed of accordingly.
CP (IB) No. 152/Chd/Hry/2020
duties of IRP.
Sd/Sd/(Subrata Kumar Dash) (Harnam Singh Thakur) Member (Technical) Member (Judicial)
November 17, 2022 YP
IA No. 1575/2022 And CP (IB) No. 152/Chd/Hry/2020 (Admitted Matter)
1 issue framed by the court
Whether to allow the withdrawal of the Corporate Insolvency Resolution Process (CIRP) petition under Section 12A of the I&B Code due to settlement between parties.
2 provisions across 2 enactments
Revex Plasticisers Pvt. Ltd.
Compaq International Pvt. Ltd.
Subrata Kumar Dash
Harnam Singh Thakur
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
