Allowed

In the matter of Sindhu Trade Links Limited [IB-770(PB)-2022]

NCLT10 Feb 2023IB-770(PB)-2022

Case brief

AI extract

What is this about?

The Tribunal allowed an application by the IRP to withdraw CIRP proceedings initiated under Section 12A against the Corporate Debtor. The court ordered the cessation of the moratorium, withdrawal of director suspension, and removal of insolvency status from the ROC register after verification of paid dues.

What did the court decide?

Withdrawal of CIRP proceedings ordered; moratorium under Section 14 ceased; suspension of directors withdrawn; ROC directed to remove insolvency caption.

In the matter of Sindhu Trade Links Limited… — Insolvency and Bankruptcy | NCLT (2023)

¶1

IN THE NATIONAL COMPANY LAW TRIBUNAL: NEW DELHI PRINCIPAL BENCH

¶2

ITEM No. 105 (IB)-770(PB)/2022

¶3

IN THE MATTER OF:

¶4

Saraogi Udyog Private Limited …. Petitioner/Applicant v. Sindhu Trade Links Limited …. Respondent

¶5

Order Under Section 9 of Insolvency & Bankruptcy Code (CIRP)

¶6

Order delivered on 10.02.2023

¶7

CORAM: JUSTICE RAMALINGAM SUDHAKAR HON’BLE PRESIDENT

¶8

SH. AVINASH K. SRIVASTAVA HON’BLE MEMBER (TECHNICAL)

¶9

PRESENT:

¶10

For the RP Ms. Reshma Mittal, RP

¶11

ORDER

¶12

IA-930/2023

¶13

This is an application filed by IRP for seeking following reliefs:-

¶14

“a. That this Hon'ble Tribunal be pleased to allow the withdrawal of the captioned Company Petition under section 12A of the Code read with regulation 30A (1) (a) of the CIRP Regulations; and

¶15

b. For such other orders as may be necessary in the interest of justice.”

¶16

It is stated by Ld. Counsel for the IRP that this CD was put into CIRP vide order dated 02.02.2023. Subsequently, the applicant has received amount due from the CD and has filed an application seeking withdrawal of the CIRP proceedings against the CD. The fees of the IRP have been paid. In view of same we see no hurdle in

¶17

allowing the present application filed under Section 12A for withdrawal of the CIRP proceedings against the CD.

¶18

Accordingly CIRP proceedings against the CD is ordered to be withdrawn; the moratorium order passed under Section 14 shall cease to have effect. The suspension of the board of directors of the CD is withdrawn. Further, the ROC is directed to remove the caption ‘under insolvency proceedings’ against the name of the company in the Register of Companies.

¶19

IA-930/2023 stands allowed and (IB)-770(PB)/2022 is dismissed as withdrawn. Any pending IA(s) stands disposed off in aforesaid terms. Copy of this order be sent to IBBI and the jurisdictional ROC.

¶20

SD/-

¶21

(RAMALINGAM SUDHAKAR) PRESIDENT

¶22

SD/(AVINASH K. SRIVASTAVA) MEMBER (TECHNICAL)

¶23

10.02.2023

¶24

Ritu Sharma

In the matter of Sindhu Trade Links Limited [IB-770(PB)-2022]

Case brief

What is this about?

What did the court decide?

In the matter of Sindhu Trade Links Limited [IB-770(PB)-2022]

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

Similar cases