Allowed

In the matter of Technico (India) Private Limited I. a. (Ib) N o. 116-CB-2022 In C.P.(Ib) No. 16-CTB-2020

NCLT11 Jan 2023

Case brief

AI extract

What is this about?

The Tribunal approved the withdrawal application initiated by the IRP seeking to terminate the CIRP against Technico (India) Private Limited. A settlement had been reached between the operational creditor and the corporate debtor prior to the formation of the Committee of Creditors. The Tribunal allowed the withdrawal, terminated the process, restored the board of directors, and cancelled the mora

What did the court decide?

Withdrawal of I.A. allowed; CIRP terminated; Board of directors restored; IRP discharged and moratorium cancelled; IRP directed to deposit expenses.

In the matter of Technico (India) Private Limited I. a… — Insolvency and Bankruptcy | NCLT (2023)

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IN TIIE NATIONAL COMPAI{Y LAW TRIBUNAL CUTTACK BENCH CUTTACK

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I. A. (IBl N o. 116 / CB / 2022 In C.P.(IB) No. 16lCTB/2020

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Application filed under section l2Aof the Insolvency and Bankruptcy Code2016 Read with 30A of Regulation of IBBI (CIRP) Regulations 2016.

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In the matter of:

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Saradindu Jena, Interim Resolution Professional of Technico (India) Pvt.Ltd.,

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...AppIicant/IRP.

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In the matter of:

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M/s. MEP Engineers & Contractors,

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... Applicant/Operational Creditor

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-Versus-

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Technico (India) Private Limited,

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...Resoondent/Coroorate debtor

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Order reserved ou 04,05,2022, Order pronounced onz 09.05,2022,

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Coram:

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Shri P. Mohan Raj : Member (Judicial) Shri Satya Ranjan Prasad : Member (Technical)

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App earances (through video conferencing)

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For the Applicant : Mr. Saradindu Jena, IRP For the operational creditor : Mr. Ramachandrallbhale,Advocate

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For corporate debtor : Ms. Sweta Mukherjee, Advocate.

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ORDER

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Per P. Mohan Raj, Member, (Judicial)

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This application has been filed by the interim Resolution Professional

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"'gd Page 1 of 4

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IN THE NATIONAL COMPANY LAW TRIBUNAL CUTTACK BENCH

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LA, (IB) No. 116/CB/2021 In C, P. (IB) No, I 6 / CTB / 2020

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Saradindu Jena, (IRP) of Technico (India) Private Limited (Corporate debtor) seeking permission for withdrawal of application C.P. No. (IB) No.16 /CTB/2020. The said petition was filed by M/S MEP Engineers & Contractors, under section 9 of IBC 2016 to initiate CIRP against the corporate debtor. The petition was admitted by this Tribunal by an order dated 25.04.2022 for initiation of Corporate Insolvency Resolution Process, and appointed the petitioner as IRP.

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After admission of the petition the interim resolution professionalmade papff publication in Form A as stipulated under CIRP Regulations on 28.04.2022, no claims have been received, but before the formation of COC the settlement was arrived between the parties viz between the Operational creditor and corporate debtor on 26.04,2022. The petitioner/IRP incurred expenses towards paper publication Rs.28,350/- and claims professional fee of Rs.25,000/-. The total expenses incurred till the date of filing of this withdrawal petition is Rs.53,350/-. The petitioner also filed Bank guararrtee for the estimated expenses of Rs.2,00,000/ - dated 29.04.2022 drawn on ICICI Bank, Cuttack Branch, valid till 3t.05.2022.

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Considering the compromise arrived between the parties and compliances of Regulation 30A(2)(a) of Insolvency and Bankruptcy Board of India (Insolvency Resolution process for corporate persons) Regulations,2016 this Adjudicating Authority is inclined to approve this withdrawal application as provided under Regulation 30A (6).

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gd.. '/

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Page 2 of 4

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IN THE NATIONAL COMPANY LAW TRIBTINAL CUT:TACKBENCH

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I.A. (IB) No, 116/CB/2021 In

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C,P,(IB) No, 16 / CTB / 2020

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In view of the aforesaid observation, we hereby approve the petition and pass the following orders.

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ORDER

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(i) This withdrawal petition_I.A" (IB) No. 176/CB/2022_is allowed in consequence the CIRP initiated against the corporate debtor shall stand terminated.

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(ii) The petitioner is hereby directed to deposit an amount towards the actual expenses incurred till the date of this order of approval as determined by the Interim Resolution professional within three days in the Bank Account of the corporate debtor.

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(ii1) The Board of directors of the corporate debtor is restored to its original position.

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(iv) The IRP is hereby directed to hand over the books of account to the hands of restored Board of Directors and the IRP is hereby shall stand discharged. The moratorium which came into effect in consequence of the order of admission dated 25.04.2022 is stand cancelled. The corporate debtor is relieved from the rigorous clutches of all the action initiated in this proceeding.

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(v) The IRP is hereby directed to file a report to this Adjudicating authority about the compliance or non-compliance of the supra clause (ii) of this order within three days from the date of expiry of time granted in the said clause.

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Page 3 of 4

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IN THE NATIONAL COMPANY LAW TRIBTINAL CUTTACK BENCH

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LA. (IB) No. 1 t6 / CB / 2021 In C, P. (IB) No, I 6 / CTB / 2020

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(vi) Registry is directed to communicate this order to R.O.C. Odisha.

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(vir) Registry is directed to invoke the Bank gaarantee in the event of noncompliance of condition set out in clause (ii) of this order i.e., fails to deposit the amount into the Bank account of corporate debtor, immediately after the expiry of time limit set out in clause (v) of this order.

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(viii) Registry is directed to return the original Bank gvaranteeto the petitioner in the event of receipt of compliance report filed by IRP as set out in clause (v) of this order, after retaining the photo copy of the same and obtaining proper acknowledgement.

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The Registry is directed to send e-mail copies of the order forthwith to all the parties and their Ld. Counsel for information and for taking necessary steps,

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Certified Copy of this order may be issued to a1lthe concerned parties, if applied for, upon compliance of all requisite formalities.

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aFlagfanPrasad

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a-l
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Member (Judicial)

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Signed on this 9'h day of May, 2022.

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Supriya p.s

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Page 4 of 4

In the matter of Technico (India) Private Limited I. a. (Ib) N o. 116-CB-2022 In C.P.(Ib) No. 16-CTB-2020

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In the matter of Technico (India) Private Limited I. a. (Ib) N o. 116-CB-2022 In C.P.(Ib) No. 16-CTB-2020

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