Allowed

In the matter of Eldeco Infrastructure and Properties Ltd. [Ia No.419/2023 in Cp (Ib) No. 520-Chd-Hry-2019]

NCLT15 Feb 2023IA No.419/2023 in CP (IB) No. 520-Chd-Hry-2019

Case brief

AI extract

What is this about?

The National Company Law Tribunal allowed an application filing by the IRP for withdrawal of CIRP under sections 9 and 12A of the Insolvency and Bankruptcy Code, 2016. The court approved the withdrawal based on a submitted Settlement Agreement, ending the moratorium and restoring the board of directors.

What did the court decide?

Application allowed; CIRP withdrawn; moratorium ended; corporate debtor discharged; board of directors restored.

In the matter of Eldeco Infrastructure and Properties… — Insolvency and Bankruptcy | NCLT (2023)

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NATIONAL COMPANY LAW TRIBUNAL CHANDIGARH BENCH, CHANDIGARH

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Item No.21 IA No.419/2023 In

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CP (IB) No.520/Chd/Hry/2019 (Admitted)

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Under Section 9 & 12 A of the Insolvency and Bankruptcy Code, 2016

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In the matter of:- Ramesth Construction Pvt. Ltd. .…Petitioner-Operational Creditor

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Vs.

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Eldeco Infrastructure and Properties …Respondent-Corporate Debtor

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Present:

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Mr. Viren Sharma, Advocate for the applicant/IRP

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Mr. Harsh Garg, Advocate for the petitioner-Operational Creditor. Mr. Anand Chibbar, Senior Advocate with Mr. Vijay Kaundal and Sahil Sharma, Advocates for Suspended Board of Directors.

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The present application is filed by the IRP for Corporate Debtor which is under the CIRP under Section 12A of the Code read with Regulation 30A of the CIRP Regulations, 2016 for seeking necessary approval of withdrawal of the CIRP. The Form A has been already submitted by Operational Creditor along with Settlement Agreement annexed as Annexure A4. The Corporate Debtor was admitted to CIRP vide order dated 10.02.2023. No CoC has been constituted and no effective proceedings have taken so far. The fee and other charges due towards IRP has been fully received vide demand draft. So, keeping in view the settlement made

IA No.419/2023

(Admitted)

CP (IB) No.520/Chd/Hry/2019

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on behalf of the applicant, the IA No.419/2023 is allowed and disposed of accordingly and CIRP is withdrawn. As a consequence moratorium declared under Section 14 of the code comes to an end and the corporate debtor is discharged from the claims in lieu of the said petition and is free from the rigours of the Code and Regulations made thereunder. Henceforth, the IRP is discharged and the board of Directors is restored to its original position.

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SD/-

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SD/-

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(Subrata Kumar Dash) Member (Technical)

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(Harnam Singh Thakur) Member (Judicial)

February 15, 2023 DS

(Admitted)

IA No.419/2023

CP (IB) No.520/Chd/Hry/2019

In the matter of Eldeco Infrastructure and Properties Ltd. [Ia No.419/2023 in Cp (Ib) No. 520-Chd-Hry-2019]

Case brief

What is this about?

What did the court decide?

In the matter of Eldeco Infrastructure and Properties Ltd. [Ia No.419/2023 in Cp (Ib) No. 520-Chd-Hry-2019]

Case brief

What is this about?

What did the court decide?

What the court decided

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Statutes considered

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