Allowed

In the matter of Array Land Developers Pvt. Ltd. [IA-432(CHE)-2024 in CP(IB)-197(CHE)-2022]

NCLT16 Feb 2024IA-432(CHE)-2024 in CP(IB)-197(CHE)-2022

Case brief

AI extract

What is this about?

This order allowed an application seeking withdrawal of insolvency proceedings under Section 12A of the IBC, 2016, following a settlement agreement and full payment. The petition was dismissed as withdrawn, and management was returned to the Board.

What did the court decide?

Application for withdrawal of IBC proceedings allowed; main petition dismissed as withdrawn; management returned to the Board.

In the matter of Array Land Developers Pvt. Ltd… — Insolvency and Bankruptcy | NCLT (2024)

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IN THE NATIONAL COMPANY LAW TRIBUNAL DIVISION BENCH (COURT– I) CHENNAI

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ATTENDANCE CUM ORDER SHEET OF THE HEARING HELD ON 16.02.2024 THROUGH VIDEO CONFERENCING

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--------------------------------------------------------------------------------------------------------------PRESENT: HON’BLE SHRI. SANJIV JAIN, MEMBER (JUDICIAL) HON’BLE SHRI. VENKATARAMAN SUBRAMANIAM, MEMBER (TECHNICAL) ---------------------------------------------------------------------------------------------------------------IN THE MATTER OF : Array Land Developers Pvt Ltd MAIN PETITION NUMBER : CP(IB)/197(CHE)/2022

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(IA/MA) APPLICATION NUMBERS

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IA/432(CHE)/2024

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ORDER

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Ld. Counsel Shri. B Dhanaraj for the Applicant / RP, along with the RP.

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This application has been filed seeking an order in terms of Section 12 A of IBC, 2016, permitting withdrawal of the IBC application.

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It is stated that the parties entered into a settlement vide settlement agreement 08.01.2024. Details mentioned in Para 9. On the basis of the settlement, CoC meeting was held on 19.01.2024. On filing of form FA along with the bank guarantee e- voting took place and the resolution was approved with 95.65% voting. The Applicant submits that final installment payable by 31.01.2024 has been paid.

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Considering the submissions made and the documents placed on record, we allow the application and dismiss the petition as withdrawn.

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The IRP is directed to hand over the management to the Board of Directors whose powers stood suspended by virtue of the initiation of the CIRP by this Tribunal while admitting the Petition in

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CP(IB)/197(CHE)/2022 vide Order dated 05.07.2023. The Corporate Debtor is released from all rigours of the IBC, 2016. The IRP is discharged from all his responsibilities. The Corporate Debtor shall operate through its own Board.

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Accordingly IA(IBC)432/CHE/2024 stands allowed

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CP(IB)/197(CHE)/2022 stands dismissed as withdrawn. File be consigned to records.

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Sd/Sd/-

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VENKATARAMAN SUBRAMANIAM) (SANJIV JAIN) MEMBER (TECHNICAL) MEMBER (JUDICIAL)

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In the matter of Array Land Developers Pvt. Ltd. [IA-432(CHE)-2024 in CP(IB)-197(CHE)-2022]

Case brief

What is this about?

What did the court decide?

In the matter of Array Land Developers Pvt. Ltd. [IA-432(CHE)-2024 in CP(IB)-197(CHE)-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

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