Allowed

In the matter of Quadpro Infosoft Pvt. Ltd. [IA(I.B.C)-380,470 & 941(KB)2023 in C.P. (IB)-1581(KB)2019]

NCLT18 May 2023IA(I.B.C)-380,470 & 941(KB)2023 in C.P. (IB)-1581(KB)2019

Case brief

AI extract

What is this about?

The tribunal closed the Corporate Insolvency Resolution Process initiated against the Corporate Debtor due to a mutual settlement between the creditor and debtor. The Board of Directors was restored, the IRP discharged, and the IRP directed to restore assets and documents.

What did the court decide?

CIRP closed; Board of Directors restored to original position; IRP discharged and directed to hand over all assets and documents to the Board of Directors.

In the matter of Quadpro Infosoft Pvt. Ltd… — Insolvency and Bankruptcy | NCLT (2023)

¶1

SPECIAL BENCH COURT - I

¶2

O-220

¶3

NATIONAL COMPANY LAW TRIBUNAL KOLKATA BENCH KOLKATA

¶4

C.P. (IB)/1581(KB)2019 IA(I.B.C)/470(KB)2023, IA(I.B.C)/380(KB)2023, IA(I.B.C)/941(KB)2023

¶5

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

¶6

ATTENDANCE-CUM-ORDER SHEET OF THE HEARING ON 18^TH MAY, 2023, 10:30 A.M

¶7

IN THE MATTER OF	INNOVATIVE DESIGN EDUCATIONAL KITS VS QUADPRO INFOSOFT PRIVATE LIMITED
UNDER SECTION	IBC UNDER SEC 9

¶8

Appearance (via video conferencing/physically)

¶9

For Quadpro Infosoft Private Limited

¶10

Mr. Sankalpo Bhattacharjee, Adv.

¶11

Mr. A. Dutta , Adv.

¶12

ORDER

¶13

Ld. Counsel for the parties present.

¶14

IA(I.B.C)/941(KB)2023

¶15

(a) This is an application filed by the IRP u/s. 12A of the Insolvency and Bankruptcy Code, 2016 read with regulation 30A of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 and under rule 11 of the NCLT Rules, 2016.

¶16

(b) Ld. Counsel appearing for the Operational Creditor submits that the petitioning Operational Creditor and the Corporate Debtor have arrived at a mutual settlement in the matter

¶17

¶18

(c) Since there are no other claims and cost of CIRP including fees of IRP has been paid, there can be no objection for withdrawal of the Company Petition. Therefore, it is ordered as follows: -

¶19

(i) CIRP initiated against the Corporate Debtor is hereby closed;

¶20

(ii) The Board of Directors of the Corporate Debtor is restored to its original position;

¶21

(iii) The IRP is discharged from his responsibility;

¶22

(iv) The IRP is hereby directed to handover to the Board of Directors of the Corporate Debtor all its assets and books of account and other documents immediately.

¶23