Dismissed

In the matter of Saluja Construction Co. Ltd. [IB-1457-PB-2019]

NCLT14 Dec 2023IB-1457-PB-2019

Case brief

AI extract

What is this about?

The Tribunal granted liberty to the Financial Creditor to withdraw a Section 7 insolvency petition filed against the Corporate Debtor, as the claim was fully settled. Consequently, the insolvency resolution process petition was dismissed as withdrawn, the IRP was discharged, and the operation of moratorium was revoked.

What did the court decide?

Petition dismissed as withdrawn; IRP discharged; Section 14 moratorium revoked.

In the matter of Saluja Construction Co. Ltd… — Insolvency and Bankruptcy | NCLT (2023)

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IN THE NATIONAL COMPANY LAW TRIBUNAL: NEW DELHI

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COURT-VI

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Item No. 104 IB-1457/PB/2019

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IN THE MATTER OF: M/s. Sahil Holdings Pvt. Ltd. ...PETITIONER

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Vs.

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M/s. Saluja Constructions Co. Ltd. …RESPONDENT

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Section U/s 7 of IBC, 2016 Order delivered on 14.12.2023 (Hearing through VC & Physical Mode)

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Coram:

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SHRI MAHENDRA KHANDELWAL, HON’BLE MEMBER (JUDICIAL) SHRI RAHUL BHATNAGAR, HON’BLE MEMBER (TECHNICAL)

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PRESENT:

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For the Petitioner/Financial Creditor	:Mr. Kaustubh Prakash and Ms. Hita Sharma, Advocates
For the IRP	:Mr. Sanyam Goel (In Person),
	Adv Deepak Motla, Mr.
	Mohtashim Kibriya

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For the Respondent/Corporate Debtor : Mr. Mohit Nandwani Adv

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ORDER

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IA/6500/2023

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This is an application filed by the IRP in terms of Section 12 A IBC, read with Regulation 30 (A) of the IBBI, IRP for CP Regulation 2016 seeking the liberty to withdraw the Section 7 Petition i.e. IB-1457/PB/2019.

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Heard the Ld. Counsel for the IRP. It was submitted that Ld. Counsel on behalf of the Financial Creditor is also present and submitted that they have received full claim amount from the Corporate Debtor and the matter has been settled between the Corporate Debtor and therefore, they have instructed the IRP to file this application. Accordingly, the IRP has filed this application in terms of the Regulation 30 (A) (1) (a) and (3).

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Ld. Counsel for the IRP in person is also present who submitted that he has received all his payments. Since, there is already a settlement between

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(Garima)

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Financial Creditor and Corporate Debtor and no amount is left to be paid by the Corporate Debtor, liberty is granted to the Financial Creditor to withdraw the Section 7 petition i.e. IB-1457/PB/2019 and the same is dismissed as withdrawn . All papers be send to record room.

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The IRP shall stand discharged and the moratorium issued under Section 14 stands revoked.

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Sd/Sd/(Rahul Bhatnagar) (Mahendra Khandelwal) Member (T) Member (J)

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(Garima)

In the matter of Saluja Construction Co. Ltd. [IB-1457-PB-2019]

Case brief

What is this about?

What did the court decide?

In the matter of Saluja Construction Co. Ltd. [IB-1457-PB-2019]

Case brief

What is this about?

What did the court decide?

What the court decided

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