Allowed

In the matter of S R (Mcb) Engineers Pvt. Ltd. [Ia 1369 & 1662-2021 in C.P.(IB)4498-MB-2019]

NCLT12 Jun 2023IA 1369 & 1662-2021 in C.P.(IB)4498-MB-2019

Case brief

AI extract

What is this about?

The Tribunal allowed an application to withdraw the Corporate Insolvency Resolution Process initiated under Section 9 IBC. The Operational Creditor and Corporate Debtor had settled the dispute, leading the Tribunal to lift the moratorium and direct the resolution professional to hand over assets and records.

What did the court decide?

Withdrawal of the Corporate Insolvency Resolution Process; cessation of moratorium; handover of assets to promoters; dismissal of IA 1369/2021.

In the matter of S R (Mcb) Engineers Pvt. Ltd. [Ia 1369… — Insolvency and Bankruptcy | NCLT (2023)

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NATIONAL COMPANY LAW TRIBUNAL COURT-I, MUMBAI BENCH

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Item No. 18

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IA 1369/2021 IA 1662/2021 in C.P.(IB)4498/MB/2019

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CORAM:

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MS. ANU JAGMOHAN SINGH SH. H. V. SUBBA RAO HON’BLE MEMBER (TECHNICAL) HON’BLE MEMBER (JUDICIAL)

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ORDER SHEET OF THE HEARING ON 12.06.2023

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NAME OF THE PARTIES: SUDHIR V NIGUJKAR V/S S R (MCB) ENGINEERS PVT LTD

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Section 60(5) & 9 of the Insolvency and Bankruptcy Code, 2016

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________________________________________________________________

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ORDER

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IA 1662/2021

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1. Mr. Ashish O. Lalpuria, Company Secretary for the Operational Creditor is present. The present Interlocutory Application is being filed seeking withdrawal of the present Company Petition, filed by the Operational Creditor under Section 9 of the Insolvency and Bankruptcy Code, 2016, to recover an amount to the tune of Rs. 20,88,673/- plus interest from the Corporate Debtor/ Respondent.

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1. This Bench vide its order dt. 02.06.2021, admitted the Company Petition against the Corporate Debtor and appointed Ms. Kala Agarwal, as the

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Interim Resolution Professional to carry out the Corporate Insolvency Resolution Process of the Company.

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1. It is submitted that the Operational Creditor and the Corporate Debtor have

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reached settlement by executing consent terms dt. 13.07.2021, and as per the terms of settlement agreement, the Operational Creditor has executed the prescribed Form FA dt. 19.07.2021, for withdrawal of the Company Petition as provided under Section 12A of the Insolvency and Bankruptcy Code, 2016.

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The Committee of Creditors at its meeting held on 21.07.2021, consented for the withdrawal of the Company Petition. In the said meeting it is also informed that the Corporate Debtor agreed to pay Rs. 9,00,000/- to Mr. Sudhir V Nigujkar, Operational Creditor, as full and final settlements under instalments as below:

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1. Upfront payment of Rs. 4,00,000/- paid vide cheque No. 045746 drawn on Mogaveera Bank, Sakinaka Branch dt. 13.07.2021;

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2. Balance payment of Rs. 5,00,000/- to be paid in 24 monthly instalments starting from 10.09.2021.

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1. Hence the present Interlocutory Application.

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1. Having considered the submissions of the Applicant and on perusal of

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averments made in the present Interlocutory Application, this Bench is satisfied and is of the considered view that the present Interlocutory

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Application is in consonance with Section 12A of the Insolvency and Bankruptcy Code, 2016 and the same is liable to be allowed. Accordingly, this Bench allows the present Interlocutory Application bearing IA No. 1662 of 2021, thereby allowing the Applicant to withdraw the Corporate Insolvency Resolution Process against the Corporate Debtor, S R (MCB) ENGINEERS PVT LTD, taking note of the fact that the Corporate Debtor has settled the matter with the Operational Creditor and the Operational Creditor has desirous to withdraw the Corporate Insolvency Resolution Process, which was set into motion vide an order of this Bench dt. 02.06.2021, passed in CP (IB) No. 4498 of 2019.

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1. The Moratorium declared under Section 14 of the IBC 2016, vide an order of this Bench dt. 02.06.2021, shall cease to operate here from.

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1. The Corporate Debtor, S R (MCB) ENGINEERS PVT LTD , is now free from all the clutches and Rigors of the Corporate Insolvency Resolution Process.

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1. Resolution Professional is hereby directed to handover all the assets, effects and records of the Corporate Debtor, available with her in the Physical or Electro form to the Promotors/Directors of the Corporate Debtor forthwith.

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1. With the aforesaid observation and direction, the Interlocutory Application bearing IA No. 1662 of 2021, is disposed of as allowed.

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Resultantly, the Company Petition bearing CP (IB) No. 4498 of 2019, disposed of as allowed to be withdrawn.

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1. In view of the withdrawal of the main Company Petition, all the pending Interlocutory Applications, if any, including IA No. 1369 of 2021, stands closed and disposed of.

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1. There would however be no order as to costs.

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1. File be consigned to record.

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Sd/-

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ANU JAGMOHAN SINGH MEMBER (TECHNICAL)

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Sd/-

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H. V. SUBBA RAO MEMBER (JUDICIAL)

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Vedant Kedare

In the matter of S R (Mcb) Engineers Pvt. Ltd. [Ia 1369 & 1662-2021 in C.P.(IB)4498-MB-2019]

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In the matter of S R (Mcb) Engineers Pvt. Ltd. [Ia 1369 & 1662-2021 in C.P.(IB)4498-MB-2019]

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