Allowed

In the matter of Vvf (India) Limited IA-1507-2022-New Application in C.P.(IB)-331(MB)-2020

NCLT9 Jun 2022

Case brief

AI extract

What is this about?

The Tribunal disposed of various applications regarding a corporate insolvency resolution process petition. It observed that the suspended director had deposited the requisite expenses and accordingly allowed the withdrawal of the Company Petition, rendering related applications infructuous.

What did the court decide?

The Company Petition No. C.P.(IB)331/(MB)2020 is allowed to be withdrawn; related IA-2611/2021 and IA-610/2022 are disposed of.

In the matter of Vvf (India) Limited IA-1507-2022-New… — Insolvency and Bankruptcy | NCLT (2022)

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NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH, COURT-II

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7. IA-1507/2022-New Application IN C.P.(IB)-331(MB)/2022

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CORAM:

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SHRI SHYAM BABU GAUTAM JUSTICE P. N. DESHMUKH (Retd.) HON’BLE MEMBER (T) HON’BLE MEMBER (J)

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ORDER SHEET OF THE HEARING OF MUMBAI BENCH OF THE NATIONAL COMPANY LAW TRIBUNAL ON 09.06.2022

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NAME OF PARTIES: - Mr. Avil Menezes IN THE MATTER OF Bank of India V/s VVF (India) Limited

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APPEARANCE :

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FOR FINANCIAL CREDITOR : Adv. Mr. Nausher Kohli, Ms. Viraj Gami, For Bank of India. FOR THE APPLICANT : Adv. Viraj Parikh a/w Ajiz M. K. FOR CORPORATE DEBTOR : Adv. Sonali Aggarwal a/w Mr. Chaitanya D. Mehta

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Section: 12A and 7 of the Insolvency and Bankruptcy Code, 2016. ORDER

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The matter is taken up through Virtual Hearing (VC).

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IA-1507/2022 – This IA is filed by the Applicant under section 12-A of the Insolvency and Bankruptcy Code, 2016 read with 30A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 seeking directions/ permission from this Bench for Withdrawal of the Company Petition.

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It is submitted by the Applicant that the expenses as stipulated under Regulation 30A read with Regulation 33 of the CIRP Regulations, have been paid as on the date of the Application. The Suspended Director of the Corporate Debtor have deposited an amount of Rs. 61,84,00,000/- (Rupees Sixty-one Crores Eighty Four

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..2..

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..2..

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Lakhs) which has been duly appropriated in the account towards unchanged interest based on the letter dated 31.03.2022.

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In view of the above statement in the Application the Counsel for the Applicant submitted for Withdrawal of the Company Petition. We are satisfied with the above submissions made by the Counsel for the Financial Creditor, hence the IA-1507/2022 is rendered infructuous and the Company Petition No. C.P.(IB)331/(MB)2020 is allowed to be Withdrawn . In view of the same, the IA-2611/2021 and IA610/2022 are taken on board and disposed of . Registry is directed not to list IA-2611/2021 and IA-610/2022 on the cause list.

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Sd/SHYAM BABU GAUTAM Member (Technical) 09.06.2022 AARTI

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Sd/-

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JUSTICE P. N. DESHMUKH Member (Judicial)

In the matter of Vvf (India) Limited IA-1507-2022-New Application in C.P.(IB)-331(MB)-2020

Case brief

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In the matter of Vvf (India) Limited IA-1507-2022-New Application in C.P.(IB)-331(MB)-2020

Case brief

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