In the mater of PPagro India Pvt. Ltd.

National Company Law Tribunal12 April 2023

CitationIA No. 158 & 180-JPR-2023 in CP No. (IB) - 06-10-JPR-2022

Ratio decidendi

The rule this decision rests on

The order allowed withdrawal of the CIRP under Section 12A of the Insolvency and Bankruptcy Code, 2016, on the application of the Resolution Professional, where the sole Committee of Creditors member, holding one hundred per cent voting rights, approved the withdrawal, and the Resolution Professional confirmed receipt of the entire CIRP cost; withdrawal of the main petition rendered the connected interlocutory application infructuous.

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Judgment

As delivered

NATIONAL COMPANY LAW TRIBUNAL JAIPUR BENCH (through web-based video conferencing platform) Item No. 201 IA No. 158/JPR/2023 IA No. 180/JPR/2023 CP No. (IB) - 06/10/JPR/2022 Under Section 10 of IBC, 2016 In the matter of: PPagro India Pvt. Ltd. …. Financial Creditor/Applicant Coram: HON’BLE MR. DEEP CHANDRA JOSHI, JUDICIAL MEMBER HON’BLE MR. PRASANTA KUMAR MOHANTY, TECHNICAL MEMBER Present Through Video Conferencing: - For the Applicant : Amol Vyas, Adv. Nitesh Shrivastava, Adv. For the Bank : Vikas Jain, Adv. ORDER IA No. 180/JPR/2023: This is an Application under Section 12A of the Insolvency and Bankruptcy Code, 2016 for withdrawal of ongoing Corporate Insolvency Resolution Process (CIRP) initiated against the M/s PPagro India Pvt. Ltd. filed by Resolution Professional Mr. Kamal Kumar Jain through Mr. Amol Vyas, Advocate. During the pendency of the CIRP sole COC member namely Punjab National Bank (PNB) in the ongoing CIRP had sent an approval letter of OTS which was proposed by the Corporate Debtor / Corporate Applicant PPagro India Private Limited. Committee of Creditors meeting was convened on March 31, 2023. During the meeting sole COC member having 100% voting rights assented regarding the motion of withdrawal of Corporate Insolvency Resolution Process RS of the Corporate Debtor. In view of the said discussions the applicant seeks to withdraw CIRP for M/s PPagro India Pvt. Ltd. Permission granted. CP No. (IB)- 06/10/JPR/2022 dismissed as withdrawn. As stated by learned counsel for the Financial Creditor that RP Mr. Kamal Kumar Jain has confirmed by e-mail that he has received entire CIRP cost. It is directed to the Financial Creditor the e-mail communication with RP be submitted before this Bench.

IA No. 158/JPR/2023: Since the main CP No. (IB)- 06/10/JPR/2022 has been withdrawn; this IA No. 158/JPR/2023 has been become infructuous. This IA stands disposed of accordingly.

-Sd- -Sd- (Prasanta Kumar Mohanty) (Deep Chandra Joshi) Technical Member Judicial Member April 12, 2023

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