Allowed

In the matter of Laxmi Fasteners Limited Ia Nos. 173 & 174-2022 in Cp (Ib) No. 210-Chd-CHD-2019

NCLT22 Mar 2022

Case brief

AI extract

What is this about?

The Tribunal allowed an application to withdraw the Corporate Insolvency Resolution Process (CIRP) after recording admission of an amicable settlement deed. A related application to prepone the hearing was disposed of as infructuous.

What did the court decide?

IA No. 173/2022 allowed to withdraw CIRP; CP (IB) No. 210/Chd/CHD/2019 dismissed as withdrawn; IA No. 174/2022 disposed as infructuous.

In the matter of Laxmi Fasteners Limited Ia Nos. 173… — Insolvency and Bankruptcy | NCLT (2022)

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THE NATIONAL COMPANY LAW TRIBUNAL CHANDIGARH BENCH, CHANDIGARH (through web-based video conferencing platform)

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Item No. 10 IA Nos. 173/2022 & 174/2022 In CP (IB) No. 210/Chd/CHD/2019

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Under Section 9 of the Insolvency and Bankruptcy Code, 2016 and Rule 11 of NCLT Rules, 2016

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In the matter of:-

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Pankaj Kumar Arora …Petitioner-Operational Creditor

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Vs.

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Laxmi Fastners Limited …Respondent-Corporate Debtor

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Present through Video Conferencing:

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Mr. Mast Ram Chechi, Practising Company Secretary for applicant in IA Nos. 173/2022 & 174/2022 and for petitioner in CP (IB) No. 210/Chd/CHD/2019.

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Dr. Rajansh Thukral with Dr. Surekha Thukral, Advocates for respondent-corporate debtor in CP (IB) No. 210/Chd/CHD/2019.

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IA No. 174/2022

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Heard on IA No. 174/2022. This application has been filed for preponing the matter, which is fixed for 18.05.2022. The matter has been preponed for today, therefore, IA No. 174/2022 is rendered infructuous and disposed of accordingly.

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IA No. 173/2022

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Heard on IA No. 173/2022, which is filed for withdrawal of CP (IB) No. 210/Chd/CHD/2019 on the ground of amicable settlement. The copy of the settlement deed dated 19.02.2022 has been placed on record. This fact is admitted by learned authorized representative of the applicant-petitioner-

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IA Nos. 173/2022 & 174/2022 In CP (IB) No. 210/Chd/CHD/2019

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Page 2 of 2

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operational creditor as well as learned counsel for respondent-corporate debtor. Keeping in view the settlement deed dated 19.02.2022 and on request of learned authorized representative of the applicant-petitioner-operational creditor that he wants to withdraw CP (IB) No. 210/Chd/CHD/2019, IA No. 173/2022 is allowed and disposed of accordingly.

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CP (IB) No. 210/Chd/CHD/2019

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In view of the order passed in IA No. 173/2022, CP (IB) No.

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210/Chd/CHD/2019 is ordered to be dismissed as withdrawn.

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Sd/Sd/(Subrata Kumar Dash) (Harnam Singh Thakur) Member (Technical) Member (Judicial)

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March 22, 2022 YP

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IA Nos. 173/2022 & 174/2022 In CP (IB) No. 210/Chd/CHD/2019

In the matter of Laxmi Fasteners Limited Ia Nos. 173 & 174-2022 in Cp (Ib) No. 210-Chd-CHD-2019

Case brief

What is this about?

What did the court decide?

In the matter of Laxmi Fasteners Limited Ia Nos. 173 & 174-2022 in Cp (Ib) No. 210-Chd-CHD-2019

Case brief

What is this about?

What did the court decide?

What the court decided

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