The Tribunal allowed the application to withdraw the main Company Petition for insolvency under Section 7 IBC 2016, as the full debt amount was paid by the debtor, dismissing the main petition.
Permission granted to withdraw the main Company Petition CP (IB) No. 3772 of 2019, which was disposed of as dismissed upon withdrawal.
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NATIONAL COMPANY LAW TRIBUNAL COURT-I, MUMBAI BENCH
Item 4 IA 1221/2022 in C.P. (IB) 3772/MB/2019
CORAM:
SH. K. K. VOHRA JUSTICE P.N. DESHMUKH (Retd.) HON’BLE MEMBER (T) HON’BLE MEMBER (J)
HON’BLE MEMBER (J)
ORDER SHEET OF THE HEARING ON 03.06.2022
NAME OF THE PARTIES : - Priti Piyush Shah & Anr V/s
Vedarambh Properties LLP
Appearance (via video-conference):
For the Applicant : Mr. Bharat Jain, Advocate For the Respondent : Mr. Shakeeb Shaikh, Advocate
Section 7 of the IBC, 2016
ORDER
IA 1221/2022
Heard Ld. Counsels for the Parties and also perused the joint Affidavit filed in support of this Application by the Creditor and the Debtor thereby seeking permission to withdraw the main Company Petition bearing CP (IB) No. 3772 of 2019 contending that the issue involved is amicably settled out of the Court between the Parties.
The perusal of the Application revealed that the entire amount in the Petition to the extent of Rs. 1,82,46,930 has been paid by the Debtor to the Creditor and as such counsels for the Parties submit that there is no reason to enter into any terms of settlement.
In that view of the matter, the Application is liable to be allowed and the same is allowed. Accordingly, IA 1221 of 2022 stands disposed of as allowed thereby granting permission to withdraw CP (IB) No. 3772 of 2019 . Consequently, CP (IB) No. 3772 of 2019 also stands disposed of as
dismissed as allowed to be withdrawn .
Sd/Sd/- K. K. VOHRA JUSTICE P.N. DESHMUKH Member (Technical) Member (Judicial) Vedant
2 issues framed by the court
Whether permission to withdraw the main Company Petition should be granted upon settlement of the claim.
Whether the main Company Petition should be disposed of upon withdrawal.
1 provisions across 1 enactments
Priti Piyush Shah & Anr
Vedarambh Properties LLP
K. K. VOHRA
P.N. DESHMUKH
Vedant
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
