Allowed

In the matter of Shah Group Builders & Infraprojects Limited Ia 1787-2022 in C.P. (IB)-937(MB)2021

NCLT6 Jul 2022

Case brief

AI extract

What is this about?

The NCLT Mumbai Bench allowed an application for withdrawal of the Corporate Insolvency Resolution Process (CIRP). The court observed that the Corporate Petitioner and Debtor had amicably settled the dues and the Resolution Professional had paid fees. Consequently, CIRP was closed and the Debtor's affairs were handed back to the suspended Board of Directors.

What did the court decide?

The Corporate Insolvency Resolution Process (CIRP) was withdrawn; the Resolution Professional was discharged and directed to hand over the charge of assets and affairs to the Suspended Members of the

In the matter of Shah Group Builders & Infraprojects… — Insolvency and Bankruptcy | NCLT (2022)

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IN THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH

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COURT – IV

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IA 1787/2022 IN C.P. (IB)/937(MB)2021

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CORAM:

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SHRI MANOJ KUMAR DUBEY SHRI KISHORE VEMULAPALLI MEMBER (Technical) MEMBER (Judicial)

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ORDER SHEET OF THE HEARING HELD ON 06.07.2022

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NAME OF THE PARTIES:

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Interglobe Finance Limited Vs

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Shah Group Builders & Infraprojects Limited

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SECTION: 7,12A OF THE INSOLVENCY AND BANKRUPTCY CODE, 2016

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O R D E R

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The Court is convened through Video Conference.

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Ms. Prachi Wazalwar, Ld. Counsel for the Applicant present.

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This is an Application filed by the Applicant u/s 12A of the I&B Code read with Rules of the NCLT Rules, 2016 read with regulation 30A of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 for withdrawal of Corporate Insolvency Resolution Process.

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Ld. Counsel for the Applicant/IRP submits that the Company Petition was admitted by this Bench on 06.06.2022. She further states that Petitioner and Corporate Debtor have amicably settled the matter for an amount of Rs.55.00 Lakhs.

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Ld. Counsel for the Applicant submits that the fees/expenses of the IRP have paid in full, therefore, the Bank Guarantee is not attached. The IRP also filed form FA.

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06.07.2022 / svr

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Since the conditions for withdrawal for CIRP u/s 12(A) and regulation 30(A) of Insolvency and Bankruptcy Code Board of India (Insolvency Process for Corporate Persons) Regulations 2016 have been complete, this Bench has no objection for withdrawal of C.P. (IB)/937(MB)2021.

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Accordingly, the Corporate Debtor is brought out from the rigours of CIRP and the RP is directed to handover the charge of the Assets and Affairs of the Corporate Debtor back to the Suspended Members of the Board of Directors.

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