Dismissed

In the matter of Regal Pride Trading & Commercial Private Limited M.A. 712 of 2020 in C.P.(Ib) No. 2823-MB-2019

NCLT21 Mar 2023

Case brief

AI extract

What is this about?

The NNCLM Bench-IV examined a miscellaneous application filed by the Resolution Professional seeking an extension of the CIRP period. The Bench observed that since the Committee of Creditors had passed a resolution for liquidation during the pendency of the application, the matter was deemed infructuous.

What did the court decide?

Application dismissed as infructuous.

In the matter of Regal Pride Trading & Commercial… — Insolvency and Bankruptcy | NCLT (2023)

¶1

THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH-IV

¶2

M.A. 712 OF 2020 Under Section 60(5) of Insolvency & Bankruptcy Code, 2016

¶3

Mr. Vipul Mittal

¶4

Resolution Professional/ …Applicant

¶5

In the matter of C.P.(IB) No. 2823/MB/2019 Punjab National Bank

¶6

Financial Creditor Vs. Regal Pride Trading & Commercial Private Limited Corporate Debtor Order delivered on: 21.03.2023 Coram : Mr. Prabhat Kumar Mr. Kishore Vemulapalli Hon’ble Member (Technical) Hon’ble Member (Judicial) Appearances (via videoconferencing): For the Applicant/RP : Ms. Rohini Menon, Advocate

¶7

ORDER

¶8

Per: Prabhat Kumar, Member (Judicial)

¶9

Page 1 of 2

¶10

IN THE NATIONAL COMPANY LAW TRIBUNAL, MUMBAI BENCH, COURT IV

¶11

M.A. 712 OF 2020 IN CP (IB) 2823/C-IV/MB/2019

¶12

¶13

This Misc. Application was filed by Mr. Vipul Mittal, the then Resolution Professional of the Corporate, who has since deceased and upon his death, Ms. Deepa Gupta (hereinafter referred to as the “Applicant”) was appointed as Resolution Professional by the CoC and it was confirmed by the Adjudicating Authority. This application was filed on 24.02.2020 seeking an exclusion of 44 days and extension of the CIRP period so as to end on 17.07.2020;

¶14

During the pendency of this Application, the Punjab National Bank being the sole member of CoC passed a resolution in its Fifth CoC meeting held on 09.10.2020 for liquidation of the Corporate Debtor and thereupon, the RP moved an Application u/s 33 of the Code for liquidation of the Corporate Debtor.

¶15

In view of the Resolution for liquidation of the Corporate Debtor having been passed by the CoC and taking note that the denial of extension/exclusion by this Bench also result into the liquidation of the Corporate Debtor u/s 33 of the Code, this Bench feels that nothing remains in this Application. Therefore, this M.A.712/2022 is dismissed as infructuous.

¶16

Sd/Sd/-

¶17

PRABHAT KUMAR KISHORE VEMULAPALLI Member (Technical) Member (Judicial)

¶18

Page 2 of 2

In the matter of Regal Pride Trading & Commercial Private Limited M.A. 712 of 2020 in C.P.(Ib) No. 2823-MB-2019

Case brief

What is this about?

What did the court decide?

In the matter of Regal Pride Trading & Commercial Private Limited M.A. 712 of 2020 in C.P.(Ib) No. 2823-MB-2019

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Coram

Case details

Similar cases