Allowed

In the matter of M S Railtech Consultants Pvt. Ltd. [IA-3466-2022, IA-2219-2023 in C.P. (IB)-526(MB)2021]

NCLT13 Jun 2023IA-3466-2022, IA-2219-2023 in C.P. (IB)-526(MB)2021

Case brief

AI extract

What is this about?

The NCLT Mumbai Bench allowed the application for withdrawal of the main Company Petition under Section 7 of the Insolvency and Bankruptcy Code by the Resolution Professional, relying on the settlement between the Financial Creditor and the Corporate Debtor, thereby recalling the CIRP order and releasing the debtor from moratorium.

What did the court decide?

IA No. 2219/2023 allowed; C.P. No. 526(MB) 2021 disposed of as withdrawn; CIRP order recalled; Corporate Debtor released from moratorium.

In the matter of M S Railtech Consultants Pvt. Ltd… — Insolvency and Bankruptcy | NCLT (2023)

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NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH, COURT-V

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IA/2219/2023 IA/3466/2022 In C.P. (IB)/526(MB)2021

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CORAM:

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SMT. ANURADHA BHATIA SHRI KULDIP KUMAR KAREER HON’BLE MEMBER (T) HON’BLE MEMBER (J)

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ORDER SHEET OF THE HEARING OF MUMBAI BENCH OF THE NATIONAL COMPANY LAW TRIBUNAL ON 13.06.2023

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NAME OF THE PARTIES: Reliance Commercial Finance Limited

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M. S. Railtech Consultants Pvt. Ltd.

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Section: 7 of Insolvency & Bankruptcy Code, 2016

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ORDER

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IA NO. 2219/2023 – PCA Ayush Rajani a/w Khushboo Shah i/b AKR Advisors appeared for the applicant/RP. The above application has been filed by the IRP, Mr. Pankaj Sham Joshi, under Section 12A of Insolvency & Bankruptcy Code, 2016 r/w Rule 11 of the NCLT rules, 2016 & Regulation 30A of the Insolvency & Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, seeking withdrawal of the main Company Petition No. 526/IB/MB/2021 in view of the settlement entered into between the Financial Creditor and the Corporate Debtor.

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The Applicant further submits that the Financial creditor has submitted Form-FA dated 27.02.2023 for withdrawal of CIRP process. The Applicant further submits that the there are no CIRP expenses incurred.

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After hearing the submissions made by the IRP and upon perusing the material available on record, this Bench is of the view that the above

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application deserves to be allowed and accordingly, the IA No. 2219/2023 is allowed and C.P. No. 526(MB) 2021 stands disposed of as withdrawn. The CIRP order dated 19.04.2022 passed by this Bench is recalled and the Corporate Debtor is released from all rigors of moratorium. In view of the disposal of the above Company Petition, IA No. 3466/2022 and all the pending IA’s and MA’s, if any, shall also stand disposed of .

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File be closed and consigned to record.

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Sd/- Sd/ANURADHA BHATIA KULDIP KUMAR KAREER Member (Technical) Member (Judicial)

In the matter of M S Railtech Consultants Pvt. Ltd. [IA-3466-2022, IA-2219-2023 in C.P. (IB)-526(MB)2021]

Case brief

What is this about?

What did the court decide?

In the matter of M S Railtech Consultants Pvt. Ltd. [IA-3466-2022, IA-2219-2023 in C.P. (IB)-526(MB)2021]

Case brief

What is this about?

What did the court decide?

What the court decided

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