Allowed

In the matter of Atharva Polymers Private Limited [IA-2080-2023 In C.P. (IB)-179(MB)2022]

NCLT6 Jun 2023IA-2080-2023 In C.P. (IB)-179(MB)2022

Case brief

AI extract

What is this about?

The NCLT allowed an application withdrawing the main Company Petition for CIRP due to a settlement between the operational creditor and corporate debtor. The CIRP order was withdrawn, and the corporate debtor was released from the moratorium. All pending interim applications were deemed disposed of.

What did the court decide?

Withdrawal of the main Company Petition (C.I.R.P.) order dated 12.05.2023; release of Corporate Debtor from moratorium; disposal of all pending interim applications.

In the matter of Atharva Polymers Private Limited… — Insolvency and Bankruptcy | NCLT (2023)

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NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH, COURT-V

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IA/2080/2023 In C.P. (IB)/179(MB)2022

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CORAM:

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SMT. ANURADHA BHATIA SHRI KULDIP KUMAR KAREER 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 06.06.2023

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NAME OF THE PARTIES: ATTITUDE LIFE SCIENCE PRODUCTS

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PRIVATE LIMITED

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V/s.

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ATHARVA POLYMERS PRIVATE LIMITED

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Section: 9 of Insolvency & Bankruptcy Code, 2016

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ORDER

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The matter is taken up through Physical Hearing.

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IA No. 2080/2023 – Adv. Mily Ghoshal appeared for the IRP/Applicant. Ms. Kalpana Gandhi, IRP in person present. The above application has been filed by the IRP, Ms. Kalpana Kamlesh Gandhi, under Section 12A of Insolvency & Bankruptcy Code, 2016 r/w Rule 11 of the NCLT rules, 2016 & Regulation 30A of the Insolvency & Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, seeking withdrawal of the main Company Petition No. 179/IB/MB/2022 in view of the settlement entered into between the Operational Creditor and the Corporate Debtor.

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The Applicant further submits that the Operational creditor has submitted Form-FA dated 18.05.2023 for withdrawal of CIRP process. The Applicant further submits that the there are no CIRP expenses incurred.

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After hearing the submissions made by the IRP and upon perusing the material available on record, this Bench is of the view that the above application deserves to be allowed and accordingly, the IA No. 2080/2023 is allowed and C.P. No. 179(MB) 2022 stands disposed of by withdrawing the CIRP order dated 12.05.2023 passed by this Bench and also by releasing the Corporate Debtor from all rigors of moratorium.

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In view of the disposal of the above Company Petition, all the pending IA’s and MA’s, if any, shall also stand disposed of.

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File be closed and consigned to record.

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Sd/- Sd/ANURADHA BHATIA KULDIP KUMAR KAREER Member (Technical) Member (Judicial)

In the matter of Atharva Polymers Private Limited [IA-2080-2023 In C.P. (IB)-179(MB)2022]

Case brief

What is this about?

What did the court decide?

In the matter of Atharva Polymers Private Limited [IA-2080-2023 In C.P. (IB)-179(MB)2022]

Case brief

What is this about?

What did the court decide?

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