Allowed

In the matter of Patiala Nabha Infra Projects Private Limited I. a. No. 1260-MB-C-II-2022 in C.P. (Ib) No. 274-MB-C-II-2017

NCLT10 Jun 2022

Case brief

AI extract

What is this about?

The Tribunal appointed Ms. Poonam Basak as the Interim Resolution Professional for the Corporate Debtor to expedite the Corporate Insolvency Resolution Process. The applicant was directed to deposit initial CIRP costs, and the Registry was instructed to communicate the order. The application was allowed and disposed of.

What did the court decide?

Appointment of Ms. Poonam Basak as IRP; direction to deposit Rs. Two Lakhs as initial CIRP cost; direction to Registry to communicate order.

In the matter of Patiala Nabha Infra Projects Private… — Insolvency and Bankruptcy | NCLT (2022)

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IN THE NATIONAL COMPANY LAW TRIBUNAL, MUMBAI BENCH, COURT II

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I.A.NO.1260/MB/C-II/2022

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C.P (IB) No. 274/MB/C-II/2017

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Under Rule 11 of the National Company Law Tribunal Rules, 2016

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M/s Feedback Highways OMT Private Limited

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…. Applicant/ Operational Creditor

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In the matter of :-

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M/s Feedback Highways OMT Private Limited

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….Operational Creditor AND Patiala Nabha Infra Projects Private Limited

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….Corporate Debtor

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Order delivered on :- 10.06.2022

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Coram:

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Member (Judicial) : Justice P.N. Deshmukh (Retd.) Member (Technical) : Mr. Shyam Babu Gautam

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Appearances:

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For the Applicant : Mr. Sukrit Kapoor, Advocate For the Corporate Debtor : Mr. Pawan Kumar, Advocate

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ORDER

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Per: Shyam Babu Gautam, Member (Technical)

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The present application is filed by the Applicant original Operational Creditor in the Company Petition 274 of 2017 for appointment of

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IN THE NATIONAL COMPANY LAW TRIBUNAL, MUMBAI BENCH, COURT II I.A. NO. 1260/MB/C-II/2022

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C.P. (IB) No. 274/MB/C-II/2017

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Interim Resolution Professional (IRP). The Tribunal vide its Order 10.01.2018 admitted the Company Petition and Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor was initiated. Since the initiation of the CIRP, IRP in respect of the Corporate Debtor was not appointed. Since there was no appointment of the IRP, the Operational Creditor herein filed another Company Petition 1352 of 2019. Further, on 24.03.2022 this Tribunal after hearing the matter disposed of the said CP 1352 of 2019 as infructuous on 24.03.2022 and directed the Operational Creditor to file an appropriate Application for appointment of an IRP. Hence this Application. The Applicant herein has proposed name of Ms. Poonam Basak, Insolvency Resolution Professional as the IRP of the Corporate Debtor.

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ORDER

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Having considered the submissions of the counsel appearing for the Applicant and oral submissions of the Corporate Debtor it is seen that Company Petition had already been admitted vide Order dated 10.01.2018 and only appointment of IRP was pending hence, this Bench is of the considered view that for early resolution of the Corporate Debtor and to expedite the CIRP in a time bound manner, this Bench hereby appoints the proposed IRP Ms. Poonam Basak, bearing registration No. IBBI/IPA-001-IP-P01234/20182019/11957, email :- [email protected], having address at : 904, 23-D, Pallazio, CHS, Powai, Mumbai – 400076 as the IRP of the Corporate Debtor to carry out the functions as mentioned under the Insolvency & Bankruptcy Code, 2016.

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Page 2 of 3

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IN THE NATIONAL COMPANY LAW TRIBUNAL, MUMBAI BENCH, COURT II I.A. NO. 1260/MB/C-II/2022 In

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C.P. (IB) No. 274/MB/C-II/2017

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The Operational Creditor shall deposit an amount of Rs. Two Lakhs towards the initial CIRP cost by way of Demand Draft drawn in favour of the Interim Resolution Professional appointed herein, immediately upon communication of this Order.

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During the CIRP period, the management of the corporate debtor will vest in the IRP/RP. The suspended directors and employees of the Corporate Debtor shall provide all documents in their possession and furnish every information in their knowledge to the IRP/RP.

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The Registry is hereby directed to communicate this order to both the parties and to IRP immediately.

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With the aforesaid observation the present IA No. 1260 of 2022 In C.P (IB) No. 274/MB/C-II/2017 is allowed and stands disposed of.

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Sd/- Sd/-

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SHYAM BABU GAUTAM JUSTICE P.N. DESHMUKH MEMBER (TECHNICAL) MEMBER (JUDICIAL)

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Page 3 of 3

In the matter of Patiala Nabha Infra Projects Private Limited I. a. No. 1260-MB-C-II-2022 in C.P. (Ib) No. 274-MB-C-II-2017

Case brief

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In the matter of Patiala Nabha Infra Projects Private Limited I. a. No. 1260-MB-C-II-2022 in C.P. (Ib) No. 274-MB-C-II-2017

Case brief

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