The Tribunal allowed an application filed by the Interim Resolution Professional to withdraw the CIRP against the Novus Green Energy Systems Ltd, following an amicable settlement between parties.
Leave granted to withdraw CIRP; CP(IB) No. 419/9/HBD/2020 disposed of as withdrawn; Corporate Debtor permitted to conduct business.
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.
S.No.9
IN THE NATIONAL COMPANY LAW TRIBUNAL HYDERABAD BENCH – 1
ATTENDANCE CUM ORDER SHEET OF THE HEARING HELD ON 13-06-2022 AT 10:30 A.M. THROUGH VIDEO CONFERENCE
IA(IBC)555/2022 in CP(IB) 419/9/HBD/2020 U/s 9 of IBC, 2016
IN THE MATTER OF:
Saiteja Constructions …Financial Creditor
Vs
Novus Green Energy Systems Ltd ...Corporate Debtor
C O R A M:-
DR. VENKATA RAMAKRISHNA BADARINATH NANDULA, HON’BLE MEMBER (JUDICIAL) SH. VEERA BRAHMA RAO AREKAPUDI, HON’BLE MEMBER (TECHNICAL)
O R D E R
IA (IBC) No.555 of 2022 :
Resolution Professional is present. Shri Bhupesh, learned counsel for the Resolution Professional is present. Learned counsel for the Operational Creditor is present. This IA is filed by the IRP seeking leave of the Tribunal to withdraw Corporate Insolvency Resolution Process (CIRP) as ordered against the Corporate Debtor vide order dated 13.05.2022 on the ground that the matter has been settled between the parties vide Memorandum of Compromise dated 10.06.2022, a photocopy of which has been filed along with the petition. Both the IRP and learned counsel for the petitioner submitted that the matter has been settled amicably and leave may be granted to withdraw CP(IB) No. 419/9/HBD/2020.
Continued …..
From pre-page Order dated 13.06.2022 in Serial no.9 IA(IBC)555/2022 in CP(IB) 419/9/HBD/2020
: 2 :
Heard both the sides. Perused the record. Satisfied with the reasons furnished in Memorandum of Compromise dated 10.06.2022. IA (IBC) No.555 of 2022 is allowed. Consequently, Corporate Insolvency Resolution Process (CIRP) as ordered against the Corporate Debtor vide order dated 13.05.2022 is hereby withdrawn. Corporate Debtor is at liberty to function on its own in accordance with law. IA (IBC) No.555 of 2022 is allowed. CP(IB) No. 419/9/HBD/2020 is disposed of as withdrawn.
Sd/-
Sd/-
MEMBER (T)
MEMBER (J)
1 issue framed by the court
Whether leave to withdraw the Corporate Insolvency Resolution Process (CIRP) should be granted upon settlement between parties.
1 provisions across 1 enactments
Saiteja Constructions
Interim Resolution Professional
Venkata Ramakrishna Badarinath Nandula
Veera Brahma Rao Arekapudi
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
