Allowed

In the matter of Leonard Exports Pvt. Ltd. IA(I.B.C)-858 & 944(KB)2022 in C.P. (IB)-1400(KB)2019

NCLT13 Oct 2022

Case brief

AI extract

What is this about?

The National Company Law Tribunal, Kolkata Bench, disposed of an application filed under Section 12A of the Insolvency and Bankruptcy Code, 2016. The bench allowed the withdrawal of an admitted application under Section 9. Consequently, the moratorium under Section 14 ceased to operate, and the interim resolution professional was discharged while the board of directors was restored.

What did the court decide?

Allowed withdrawal of application under Section 9; moratorium under Section 14 ceased to operate; IRP discharged; board of directors restored.

In the matter of Leonard Exports Pvt. Ltd. IA(I.B.C)-858… — Insolvency and Bankruptcy | NCLT (2022)

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DIVISION BENCH COURT - II

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O-203

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NATIONAL COMPANY LAW TRIBUNAL KOLKATA BENCH KOLKATA

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C.P. (IB)/1400(KB)2019 IA(I.B.C)/858(KB)2022, IA(I.B.C)/944(KB)2022

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CORAM: 1. HON’BLE MEMBER(J), SHRI ROHIT KAPOOR 2. HON’BLE MEMBER(T), SHRI BALRAJ JOSHI

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ATTENDANCE-CUM-ORDER SHEET OF THE HEARING ON 13^TH OCTOBER, 2022, 02:00 P.M

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IN THE MATTER OF
UNDER SECTION

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DHANVRIDHI POLYFABS PVT. LTD.
VS
LEONARD EXPORTS PVT. LTD.
IBC UNDER SEC 9

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Counsel/ Authorised Representative appeared through physically/Video Conference:

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Mr. Jay Bhattacharyya, Adv. ] For Operational Creditor Mr. Avijit Ghoshal , Adv. ] For IRP Mr.Anal Basu, Adv. ]

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O R D E R

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Ld. Counsel on both sides present.

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IA/IBC/858/KB/2022- This IA has been filed for placing on record 1^st Progress Report by RP. This Progress Report filed by RP is taken on record and the IA is accordingly disposed of.

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IA/IBC/944/KB/2022 - This application has been filed under section 12A of IBC, 2016 seeking withdrawal of application under Section 9 of IBC, 2016 admitted by this Adjudicating Authority.

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Ld. Counsel appearing for the applicant states that in compliance with Section 12A IBC, 2016, there is an approval by CoC with 92.46% voting for seeking withdrawal

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and filing of this application. The approval and the voting are contained at page 7 of this IA.

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This IA is supported by an affidavit filed by RP, which is at page 10 of this IA.

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Keeping in view the above position, we allow this IA seeking withdrawal of C.P. (IB)/1400(KB) 2019 under Section 9 IBC, 2016 admitted by this Adjudicating Authority on 16^th June, 2022.

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With the withdrawal of application as mentioned above, the moratorium issued under Section 14 of IBC, 2016 shall cease to operate.

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IRP is discharged of his obligation. It is stated by Ld. Counsel that the IRP has been paid his dues and nothing remains pending.

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The board of directors is restored to its original position as existing before the CIRP intervened.

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With the above directions IA /IBC/944/KB/2022 is allowed and disposed of and consequently, CP (IB)/1400(KB) 2019 is also disposed of.

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File be consigned to record.

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Balraj Joshi Member (Technical)

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Rohit Kapoor Member (Judicial)

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In the matter of Leonard Exports Pvt. Ltd. IA(I.B.C)-858 & 944(KB)2022 in C.P. (IB)-1400(KB)2019

Case brief

What is this about?

What did the court decide?

In the matter of Leonard Exports Pvt. Ltd. IA(I.B.C)-858 & 944(KB)2022 in C.P. (IB)-1400(KB)2019

Case brief

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What the court decided

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