Allowed

In the matter of Suvishrhu Specialty Chemicals Pvt. Ltd. I.A. 1867-2022 in C.P.(IB)-404(MB)-2020

NCLT18 Jul 2022

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AI extract

What is this about?

The National Company Law Tribunal allowed an application by the Interim Resolution Professional to withdraw the Corporate Insolvency Resolution Process (CIRP) admission order. The withdrawal was granted due to a full settlement between the corporate debtor and the operational creditor.

What did the court decide?

The CIRP admission order dated 28.02.2022 is withdrawn; the corporate debtor is released from the moratorium.

In the matter of Suvishrhu Specialty Chemicals Pvt. Ltd… — Insolvency and Bankruptcy | NCLT (2022)

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NATIONAL COMPANY LAW TRIBUNAL, MUMBAI BENCH COURT III

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I.A. 1867/2022

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C.P.(IB)-404(MB)/2020

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CORAM: SHRI H.V. SUBBA RAO, MEMBER (J) SMT. ANURADHA SANJAY BHATIA, MEMBER (T)

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ORDER SHEET OF THE HEARING OF MUMBAI BENCH OF THE NATIONAL COMPANY LAW TRIBUNAL ON 18.07.2022

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NAME OF THE PARTIES: Kevin Ventures LLP

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V/s

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Suvishrhu Specialty Chemicals Pvt.

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SECTION 9 OF INSOLVENCY AND BANKRUPTCY CODE, 2016

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ORDER

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Mr. Rakesh Chaturvedi, IRP in person with his counsel Ms. Nidhi Chheda and Mr. Siddha Pamecha, Counsel for the Petitioner/OC are present through virtual hearing.

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I.A.1867/2022

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The above application is filed by the IRP, Mr. Rakesh Chaturvedi under section 12A of the Code for withdrawing the main Company Petition 404 of 2020 in view of the settlement entered into between the Operational Creditor and the Corporate Debtor. The Operational Creditor and the Corporate Debtor have amicably settled the matter by executing consent terms dated 15.06.2022 by making full and final payments of Rs. 34,65,996/- to the Operational Creditor as per the schedule set out.

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No COC has been constituted so far in this matter.

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The Applicant submits that the Operational Creditor has submitted Form FA dated 27.05. 2022 for withdrawal of CIRP process.

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The IRP further submits that he has received the entire expenses including his professional fees and reported no objection for allowing the above application.

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After hearing the submissions made by the IRP and upon perusing the material available on record, this Bench feels that the above I.A. deserves to be allowed and accordingly, the above I.A is allowed and the CIRP admission order dated 28.02.2022 passed by this Bench against the Corporate Debtor is withdrawn by releasing the Corporate Debtor from all rigours of moratorium.

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With the above observations and directions, the above I.A. as well as the main company petition and pending IA’s if any stands disposed of.

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Sd/- Sd/ANURADHA SANJAY BHATIA H.V. SUBBA RAO Member (Technical) Member (Judicial) //Rajeev//

In the matter of Suvishrhu Specialty Chemicals Pvt. Ltd. I.A. 1867-2022 in C.P.(IB)-404(MB)-2020

Case brief

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In the matter of Suvishrhu Specialty Chemicals Pvt. Ltd. I.A. 1867-2022 in C.P.(IB)-404(MB)-2020

Case brief

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