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In the matter of Global Sourcing And Procurement Consolidation Limited Ma 3846-2019 in C.P.(IB)-2120(MB)2019

NCLT9 Nov 2022

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What is this about?

The NCLT discharged the Interim Resolution Professional from her duties and dismissed the Corporate Insolvency Resolution Process due to the Operational Creditor's failure to commence proceedings or pay advance expenses over three years.

What did the court decide?

IRP discharged from duties; CIRP proceedings withdrawn; Main proceeding dismissed.

In the matter of Global Sourcing And Procurement… — Insolvency and Bankruptcy | NCLT (2022)

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IN THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH

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COURT – IV

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MA 3846/2019 IN C.P.(IB)/2120(MB)2019

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CORAM:

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SHRI MANOJ KUMAR DUBEY SHRI KISHORE VEMULAPALLI MEMBER (Technical) MEMBER (Judicial)

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ORDER SHEET OF THE HEARING HELD ON 09.11.2022

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NAME OF THE PARTIES: Bostock New Zealand Ltd.

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Global Sourcing And Procurement Consolidation Limited

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SECTION: 9 OF THE INSOLVENCY AND BANKRUPTCY CODE, 2016

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O R D E R

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The Court is convened through Video Conference.

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Ms. Veena Sharma, Applicant/IRP present. Theres is no representation on the behalf of the Operational Creditor.

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MA-3846/2019: The applicant/IRP submits that MA-3846/2019 is filed for discharging her from duties as IRP of the Corporate Debtor as per the order dated 04.11.2019 in C.P.(IB)/2120(MB)2019. The Operational Creditor has not paid advance payment to the IRP for incurring expenses on account of CIRP proceedings. Therefore, the IRP could not commence the proceedings. IRP did not constitute CoC and has not taken any furtehr steps of CIRP. As the Operational Creditor is not taken any interest in proceeding CIRP, IRP filed this Application for discharging her from duties of IRP in the matter.

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As per admission order of the CIRP dated 22.10.2019, the CIRP process will be completed within 180 days but the admission of CIRP is more than three years today. During these period, nothing has happened in CIRP and the Operational Creditor is not taken any step in this regard.

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In the circumstances referred above, the Bench is of the view that the Operational Creditor is not interested to pursue CIRP against the Corporate Debtor. Therefore, IRP is hereby discharged from her duties. Accordingy, MA-3846/2019 is allowed and disposed of.

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Further, since CIRP is not commenced since 22.10.2019 as per the admission order of this Bench, the CIRP proceeding is withdrawn and C.P.(IB)/2120(MB)2019 is dismissed on account of non-cooperation from the part of the Operational Creditor/Petitioner.

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Sd/- Sd/- MANOJ KUMAR DUBEY KISHORE VEMULAPALLI Member (Technical) Member (Judicial)

In the matter of Global Sourcing And Procurement Consolidation Limited Ma 3846-2019 in C.P.(IB)-2120(MB)2019

Case brief

What is this about?

What did the court decide?

In the matter of Global Sourcing And Procurement Consolidation Limited Ma 3846-2019 in C.P.(IB)-2120(MB)2019

Case brief

What is this about?

What did the court decide?

What the court decided

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