Allowed

In the matter of Savitri Polyesters Pvt. Ltd. [IA-1099(AHM)2023 in C.P.(IB)-29(AHM)2022]

NCLT13 Oct 2023IA-1099(AHM)2023 in C.P.(IB)-29(AHM)2022

Case brief

AI extract

What is this about?

Application filed by the Interim Resolution Professional seeking withdrawal of the Corporate Insolvency Resolution Process in view of a Settlement Agreement where all dues were paid. The tribunal allowed the withdrawal and released the company from the process.

What did the court decide?

Withdrawal of the Corporate Insolvency Resolution Process allowed; company released from rigour; company to function with its own board of directors.

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

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IN THE NATIONAL COMPANY LAW TRIBUNAL AHMEDABAD DIVISION BENCH COURT – 1

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ITEM No.6 – IA/1099(AHM)2023 In C.P.(IB)/29(AHM)2022

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Proceedings under Section 9 IBC

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IN THE MATTER OF:

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Sumilon Industries Pvt Ltd V/s Savitri Polyesters Pvt Ltd

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........Applicant

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........Respondent

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Order delivered on: 13/10/2023

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Coram:

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Mr. Shammi Khan, Hon’ble Member(J) Mr. Sameer Kakar, Hon’ble Member(T)

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PRESENT:

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For the Applicant : Dr. Kamlesh Vaidankar, Adv. For the Respondent :

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ORDER

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This is application filed by the IRP in the matter seeking the following prayers:

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i. This Hon’ble Adjudicating Authority may kindly be pleased to permit withdrawal of CP(IB)29 of 2022 in view of the Settlement Agreement dated 18.09.2023 executed by and between the parties hereto and recall the order dated 11.09.2023 of admission of the aforesaid petition, in the interest of justice and equity.

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ii. This Hon’ble Adjudicating Authority may be pleased to pass any other order which it may deem fit in the facts and circumstances of the case.

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It is stated that vide order dated 11.09.2023 in CP(IB) 29 of 2022, the CD was admitted to CIRP and the applicant herein was appointed as IRP in the matter.

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Form FA issued by the applicant in the said CP is attached at page No.28 and the same is signed by the applicant in the main CP and Settlement Agreement attached at page No. 28. Perusal of the same reveals that entire payment in dispute has been received. Dr. Kamlesh Vaidankar, appears on behalf of the IRP, states that IRP has received his entire dues and nothing is outstanding.

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Anuj

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After perusing the file and hearing the Counsels on record, withdrawal under Section 12A is hereby allowed. The company is released from rigour of law, IRP is released from his assignment, company to function with its own board of directors.

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Accordingly, the application is allowed and disposed off.

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-SD- SAMEER KAKAR MEMBER (TECHNICAL)

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-SD- SHAMMI KHAN MEMBER (JUDICIAL)

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Anuj

In the matter of Savitri Polyesters Pvt. Ltd. [IA-1099(AHM)2023 in C.P.(IB)-29(AHM)2022]

Case brief

What is this about?

What did the court decide?

In the matter of Savitri Polyesters Pvt. Ltd. [IA-1099(AHM)2023 in C.P.(IB)-29(AHM)2022]

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

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Statutes considered

Parties & counsel

Coram

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