Allowed

In the matter of Parag Vinimay Private Limited IA(I.B.C)-32(KB)2023 in C.P. (IB)-214(KB)2021

NCLT10 Jan 2023

Case brief

AI extract

What is this about?

The NCLT Kolkata Bench allowed an application to withdraw an insolvency petition admitted under Section 9 of the IBC, 2016, citing Rule 11 of the NCLT Rules and a settlement between parties, thereby disposing of the Corporate Insolvency Resolution Process.

What did the court decide?

The application to withdraw CP(IB)/214/2021 is allowed and CP 214/2021 is disposed of as withdrawn.

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

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DIVISION BENCH COURT - II

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S-1

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NATIONAL COMPANY LAW TRIBUNAL KOLKATA BENCH KOLKATA

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C.P. (IB)/214(KB)2021 IA(I.B.C)/32(KB)2023

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CORAM: 1. HON’BLE MEMBER(J), SMT. BIDISHA BANERJEE 2. HON’BLE MEMBER(T), SHRI BALRAJ JOSHI

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ATTENDANCE-CUM-ORDER SHEET OF THE HEARING ON 10^TH JANUARY, 2023, 02:00 P.M

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IN THE MATTER OF
UNDER SECTION

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AMIT AGARWAL
VS
PARAG VINIMAY PRIVATE LIMITED
IBC UNDER SEC 9

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Counsel/ Authorised Representative	appeared through physically/Video Conference:
Mr. Subodh Kumar Agarwal, CA	] For the IPR
Mr. Sunil Choraria, IRP	]
Mr.Arik Banerjee, Adv.	] For the Corporate Debtor
Mr. Arun Gupta, CA	]

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O R D E R

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Ld. authorised representative for the RP present. Ld. Counsel for the Corporate Debtor present.

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IA(IBC)/32/KB/2023 -This application has been filed under section 12(A) of the Code by the RP seeking the withdrawal of the Petition admitted under section 9 of the IBC,2016 in CP(IB) No. 214 of 2021.

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It is submitted that consequent upon the initiation of CIRP, public announcement in Form- A is to be made 12/01/2023 for which the IRP has taken steps. However, on 2^nd January, 2023, a mail was received from the advocate for the Operational Creditor attaching therewith Form-FA intimating that the Corporate Debtor had approached the Operational Creditor for settlement and the matter has been amicably settled between the parties. A Copy of the original signed FA placed as Annexure-C of the petition.

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Section 12A provides for withdrawal of CIRP after CoC has been constituted. However, during the arguments, the Ld. Counsel for the RP states that Regulation

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30A comes into play as the CoC has not be constituted so far. He has cited a judgmenet of Hon’ble Supreme Court in the matter of Ashok G Rajani, wherein powers of the NCLT under Rule 11 have been cited and it has been held that;

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“ A reading of the statement of objects and reasons with the statutory Rule 11 of the NCLT Rules enables the NCLT to pass orders for the ends of justice including order permitting an applicant for CIRP to withdraw its application and to enable a corporate body to carry on business with ease, free of any impediment”.

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In view of the above, the prayers to withdraw CP(IB) /214/2021 as contained in IA no.32/KB/2023 is hereby granted.

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In view of the above, IA No. 32/2023 is allowed and accordingly CP 214/2021 is disposed of as withdrawn.

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File be consigned to record.

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Balraj Joshi Member (Technical)

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Bidisha Banerjee Member (Judicial)

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In the matter of Parag Vinimay Private Limited IA(I.B.C)-32(KB)2023 in C.P. (IB)-214(KB)2021

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In the matter of Parag Vinimay Private Limited IA(I.B.C)-32(KB)2023 in C.P. (IB)-214(KB)2021

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