Allowed

In the matter of Akshar Fabrics Pvt. Ltd. [IA-1051(AHM)2023 in C.P.(IB)-331(AHM)2022]

NCLT6 Oct 2023IA-1051(AHM)2023 in C.P.(IB)-331(AHM)2022

Case brief

AI extract

What is this about?

Allowing an application under Section 12A of the Insolvency and Bankruptcy Code, the Tribunal permitted an operational creditor to withdraw its Section 9 petition after a settlement was reached and Interim Resolution Professional fees were paid, releasing the corporate debtor and IRP from the process. Relief granted includes withdrawal of the main petition, setting aside earlier orders, barring fu

What did the court decide?

Allowed withdrawal of the main petition under Section 12A; set aside orders admitting the Section 9 application and appointing IRP; directed CIRP not to proceed; barred constitution of CoC; released C

In the matter of Akshar Fabrics Pvt. Ltd… — Insolvency and Bankruptcy | NCLT (2023)

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IN THE NATIONAL COMPANY LAW TRIBUNAL AHMEDABAD DIVISION BENCH COURT - 1

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ITEM No.10 - IA/1051(AHM)2023 In C.P.(IB)/331(AHM)2022

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Proceedings under Section 9 IBC

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IN THE MATTER OF:

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Shree Hari Coal Corporation Patner Harshil Snehal Shah V/s Akshar Fabrics Pvt Ltd

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........Applicant

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........Respondent

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Order delivered on: 06/10/2023

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Coram:

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Mr. Shammi Khan, Hon’ble Member(J) Mr. Sameer Kakar, Hon’ble Member(T)

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PRESENT:

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Mr. Mandeep Singh Saluja, Advocate for the applicant Mr. Dhiren Dave, Advocate for Original O.L.

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ORDER

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This petition has been filed under Section 12A of Insolvency and Bankruptcy Code, 2016 read with 30 A of IBBI Regulation, seeking the following prayers:

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A. This Hon'ble Tribunal may be pleased to allow the present Application filed by the Applicant.

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B. This Hon'ble Tribunal may be pleased to set aside the Order dated 11.09.2023, admitting the Section 9 Application and order (s) passed by Hon'ble Adjudicating Authority appointing Interim Resolution Professional, declaring moratorium and all other order(s) passed by Hon'ble Adjudicating Authority pursuant to order and action taken by the Interim Resolution Professional

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C. This Hon'ble Tribunal may be pleased to permit the Operational Creditor to withdraw the main petition bearing number CP(16)/331/(AHM)/2022

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D. During pendency and final disposal of the present Application, this Hon'ble Tribunal may be pleased to direct the Interim Resolution Professional not to proceed further. with the Corporate Insolvency Resolution Process and further not to constitute Committee of Creditors forthwith

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E. Pass any such other and/or further order that may be thought just and proper in the facts and circumstances of the present case

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In this case Corporate Insolvency Resolution Process was commenced against Corporate Debtor - Akshar Fabrics Pvt Ltd vide order dated 11.09.2023 in Company Petition No. 331 of 2022 vide application filed by one Shree Hari Coal Corporation.

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Stancy

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The applicant was appointed as the IRP. It is stated that there was a settlement which was arrived between the applicant in the main CP. Form FA is attached at page nos. 37 and 38 of the application. The learned counsel appearing on behalf of IRP states that entire fees and expenses of IRP has been received. In view of the Form FA being produced before us and as the CoC has not been constituted is allowed withdrawal of this Company Petition No. 331 of 2022 under Section 12 A of the Code. The Corporate Debtor - Akshar Fabrics Pvt Ltd is released from the rigor of law, IRP is released from the assignment, Akshar Fabrics Pvt Ltd company is free to function through its Board of Directors from the date of this order.

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With the above direction, this application is allowed.

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-Sd- -Sd- SAMEER KAKAR SHAMMI KHAN MEMBER (TECHNICAL) MEMBER (JUDICIAL)

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Stancy

In the matter of Akshar Fabrics Pvt. Ltd. [IA-1051(AHM)2023 in C.P.(IB)-331(AHM)2022]

Case brief

What is this about?

What did the court decide?

In the matter of Akshar Fabrics Pvt. Ltd. [IA-1051(AHM)2023 in C.P.(IB)-331(AHM)2022]

Case brief

What is this about?

What did the court decide?

What the court decided

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