Allowed

In the matter of Royal Polyurethane India Pvt. Ltd. [Ia 619-2024 in IB-230(ND)-2020]

NCLT14 Feb 2024IA 619-2024 in IB-230(ND)-2020

Case brief

AI extract

What is this about?

The National Company Law Tribunal allowed an application under Section 12A of the Insolvency and Bankruptcy Code, 2016, for withdrawal of a CIRP case initiated under Section 9. The tribunal permitted the withdrawal based on a resolution passed by the Committee of Creditors. Consequently, the Resolution Professional was discharged.

What did the court decide?

Withdrawal of IB No. 230/ND/2020 permitted; Resolution Professional discharged; IB-230(ND)/2020 disposed of.

In the matter of Royal Polyurethane India Pvt. Ltd. [Ia… — Insolvency and Bankruptcy | NCLT (2024)

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IN THE NATIONAL COMPANY LAW TRIBUNAL, NEW DELHI COURT-III

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Item No.104 New IA619/2024, IB-230(ND)/2020

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IN THE MATTER OF: M/s Newgen Specialty Plastics Ltd. …. APPLICANT/PETITIONER Vs.

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M/s Royal Polyurethane India Pvt Ltd. …. RESPONDENT

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U/s 9 IBC code 2016

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Order delivered on 14.02.2024

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CORAM:

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SHRI BACHU VENKAT BALARAM DAS, HON’BLE MEMBER (JUDICIAL) SHRI ATUL CHATURVEDI HON’BLE MEMBER (TECHNICAL)

PRESENT:

For the Applicant :

For the Respondent :

ORDER

IB-230(ND)/2020:-

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New IA-619/2024:-

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This application has been filed under Section 12A of IBC, 2016 by the Resolution Professional seeking withdrawal of the Application i.e. IB No.230 of 2022 filed under Section 9 of IBC, 2016, which was admitted and CIRP was initiated vide order dated 24.12.2021. Consequent to the Initiation of CIRP, the Resolution Professional was appointed and the CoC was constituted. It is submitted by the Ld. Counsel appearing for the Resolution Professional that the CoC in its 5^th meeting held on 21.08.2023 has passed the following Resolution.

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"RESOLVED THAT in pursuant to Section 12A of the Insolvency and Bankruptcy Code, 2016 along with Regulation 30A (1) (B) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, the consent of members of the Committee of

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Creditors be and is hereby accorded to approve the filing of application with Hon'ble National Company Law Tribunal, New Delhi Bench at New Delhi seeking withdrawal of the Company Petition No. 230/ND/2020.

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FURTHER RESOLVED THAT Mr. Rajesh Kumar Parakh, Interim Resolution Professional be and is hereby authorized to submit the above said application before the Hon'ble National Company Law Tribunal, New Delhi Bench III at Delhi as per Regulation 30A(5) of the Insolvency And Bankruptcy Board of lndia (Insolvency Resolution Process for Corporate Persons) Regulations, 2016."

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We have heard the submissions of the Ld. Counsel appearing for the Resolution Professional and perused the record as well as minutes of the 5^th CoC meeting held on 21.08.2023, wherein the CoC has approved the filing of an application under Section 12A of IBC read with Section 30A(1) (B) of the IBC Regulations.

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In view of the Resolution passed by the CoC we permit the Resolution Professional/ Applicant to withdraw the IB-230(ND)/2020.

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Consequently, the Resolution Professional is discharged from its function and IA-619/2024 disposed of accordingly.

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In view of the above IB-230(ND)/2020 disposed of.

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Sd/Sd/- (ATUL CHATURVEDI) (BACHU VENKAT BALARAM DAS) MEMBER (TECHNICAL) MEMBER (JUDICIAL)

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Prakash Dubey

In the matter of Royal Polyurethane India Pvt. Ltd. [Ia 619-2024 in IB-230(ND)-2020]

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In the matter of Royal Polyurethane India Pvt. Ltd. [Ia 619-2024 in IB-230(ND)-2020]

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