This order allowed the Operational Creditor's application for CIRP withdrawal based on a settlement, relieving the Corporate Debtor of moratorium obligations and disposing of the main proceedings.
Withdrawal of CIRP and relief from moratorium obligations.
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NATIONAL COMPANY LAW TRIBUNAL, MUMBAI BENCH COURT III
In
C.P.(IB) 623 (MB)/2020 CORAM: SHRI H.V. SUBBA RAO, MEMBER (J) SHRI CHANDRA BHAN SINGH, MEMBER (T)
ORDER SHEET OF THE HEARING OF MUMBAI BENCH OF THE NATIONAL COMPANY LAW TRIBUNAL ON 13.05.2022
NAME OF THE PARTIES: Mahavir Chemicals
V/s
NRW Polymers Pvt Ltd.
SECTION 9 OF INSOLVENCY AND BANKRUPTCY CODE, 2016
ORDER
I.A. 1265/2022
Mr. Sanket Shah, counsel appearing for the Operational Creditor and Adv.Vineet Jain I/b Mr. Amit Tungare, counsel appearing for the Corporate Debtor are present through virtual hearing.
The above I.A. is filed by the Operational Creditor for withdrawal of the CIRP Process on account of settlement entered into between the parties. The Bench notes that in this case, the order was pronounced by this Bench on 28.04.2022 and the copy of the order was not yet uploaded. Therefore, there was no communication to IRP regarding his appointment subsequently, no COC was formed.
Under these circumstances, there is no impediment for allowing the above Application. Accordingly, the above Application 1265/2022 is allowed and the CIRP order dated 28.04.2022 passed against the Corporate Debtor stands withdrawn by relieving the Corporate Debtor from all the rigorous of moratorium.
With the above observations and directions, the above I.A. 1265/2022 and CP 623/2022 are disposed of.
Sd/Sd/CHANDRA BHAN SINGH H.V. SUBBA RAO Member (Technical) Member (Judicial) //RKS//
Mahavir Chemicals
NRW Polymers Pvt Ltd.
H.V. Subba Rao
Chandra Bhan Singh
As recorded by the court registry
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