The Tribunal allowed an application to withdraw the Corporate Insolvency Resolution Process order against the corporate debtor on grounds of settlement between parties, relieving the debtor from moratorium.
CIRP order dated 09.05.2022 withdrawn; corporate debtor relieved from moratorium; pending I.A.'s and M.A.'s disposed off.
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NATIONAL COMPANY LAW TRIBUNAL, MUMBAI BENCH COURT III
IN
C.P.(IB)-3270(MB)/2019 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 06.06.2022
NAME OF THE PARTIES: Puja Enterprises
V/s.
Topaim Properties Pvt Ltd.
SECTION 9OF INSOLVENCY AND BANKRUPTCY CODE, 2016
__________________________________________________________________________ ORDER
I.A. 1444/2022
Ms. Khushboo Shah, counsel appearing for the Resolution Professional/Applicant is present through virtual hearing.
The above I.A is filed by the IRP under Section 12A of the Insolvency and Bankruptcy Code for withdrawal of the CIRP order passed against the Corporate Debtor. The counsel appearing for the Interim Resolution Professional submits the matter was settled between the parties even before constituting COC. Since COC is yet to be constituted, the approval from COC does not require arise. The Interim Resolution Professional also confirmed that he has received the CIRP costs including his fee.
In view of the above facts and circumstances, this Bench feels that it is appropriate to allow the above application filed by RP. Accordingly, the above I.A. no. 1444/2022 is allowed and the CIRP order dated 09.05.2022 passed
against the Corporate Debtor stands withdrawn by relieving the Corporate Debtor from all the rigorous of moratorium.
In view of withdrawal of the main Company Petition, all pending I.A’s and M.A’s if any also shall stands disposed off.
Sd/CHANDRA BHAN SINGH Member (Technical) //RKS//
Sd/H.V. SUBBA RAO Member (Judicial)
1 issue framed by the court
Whether the corporate insolvency resolution process can be withdrawn upon settlement between parties before the Committee of Creditors is constituted.
2 provisions across 1 enactments
Puja Enterprises
Topaim Properties Pvt Ltd.
The Interim Resolution Professional
H.V. Subba Rao
Chandra Bhan Singh
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
