Allowed

In the matter of Atlanta Mediworld Pvt. Ltd. [Ia No. 104-2023 in Cp (Ib) No. 78-ALD-2020]

NCLT16 Mar 2023IA No. 104-2023 in CP (IB) No. 78-ALD-2020

Case brief

AI extract

What is this about?

The Tribunal allowed an application for withdrawal of a Section 9 CIRP application filed by an applicant (operational creditor). The creditor settled the debt outside the Code and filed Form FA before the Committee of Creditors was formed. The main petition was dismissed as withdrawn.

What did the court decide?

Application sought for withdrawal of Section 9 petition was allowed; main petition dismissed as withdrawn.

In the matter of Atlanta Mediworld Pvt. Ltd. [Ia No… — Insolvency and Bankruptcy | NCLT (2023)

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DIVISION BENCH ITEM NO. 2

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NATIONAL COMPANY LAW TRIBUNAL ALLAHABAD BENCH PRAYAGRAJ IA No. 104/2023 IN CP (IB) No. 78/ALD/2020

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CORAM:

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1. SHRI PRAVEEN GUPTA, HON’BLE MEMBER (JUDICIAL)

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2. SHRI ASHISH VERMA, HON’BLE MEMBER (TECHNICAL)

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Date of Order: 16^th March, 2023

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Attendance-Cum-Order Sheet of the Hearing.

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NAME OF THE COMPANY DR. ANKUSH GARG V/S ATLANTA MEDIWORLD PVT LTD UNDER SECTION 9 IBC (IN CIRP)

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COUNSEL APPEARED THROUGH VIDEO CONFERENCING:

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Sh. Mohd Nazim Khan, PCS. : For the IRP in person Ms. Babita Jain, Adv. : For the Applicant in IA No. 104/2023 Sh. Saurabh Paul, Adv. : For the Corporate Debtor ORDER

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IA No. 104/2023

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This is an IA No. 104/2023 for seeking withdrawal of the main application filed by the applicant Under Section 9 of the Code. As stated by the IRP in the said IA in para 8 that the IRP has received only one claim of Rs.26,06,421.31 from Applicant in the matter from Dr. Ankush Garg on 4^th March, 2023, however, on 11^th March, 2023 the IRP received Form FA, Application for withdrawal of Corporate Insolvency Resolution Process alongwith Memorandum of understanding both dated 11.03.2023. This is done prior to formation of Committee of Creditors under Regulation 16 of CIRP Regulation, 2016. Operational Creditor i.e. Dr. Ankush Garg submitted in Form FA alongwith Memorandum of understanding that he received Rs.20,00,000/- from Corporate Debtor i.e. Atlanta Mediworld Pvt. Ltd. in full and final settlement of his debt. IRP also confirmed the receipt of an amount of Rs. 1 lac towards estimated cost and fee incurred for the purpose of clause (c) and (d) of Regulation 31 of CIRP Regulation, 2016 on 02.03.2023. Therefore, this IA is filed seeking withdrawal of main

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-Sd-

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-Sd-

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application filed u/s 9 for CIRP of Corporate Debtor. The Corporate Debtor has been represented now by Ld. Counsel and has no objection to the withdrawal of the application by the applicant himself.

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In view of the above, let this application is allowed and the main petition CP No.78/ALD/2020 is permitted to be withdrawn.

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Order accordingly. IA stands disposed of. CP is dismissed as withdrawn.

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-Sd- (Ashish Verma) Member (Technical)

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-Sd- (Praveen Gupta) Member (Judicial)

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16^th March, 2023

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Bipul Kumar Tiwari (Stenographer)

In the matter of Atlanta Mediworld Pvt. Ltd. [Ia No. 104-2023 in Cp (Ib) No. 78-ALD-2020]

Case brief

What is this about?

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In the matter of Atlanta Mediworld Pvt. Ltd. [Ia No. 104-2023 in Cp (Ib) No. 78-ALD-2020]

Case brief

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What did the court decide?

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