In the matter of Angel Promoters Private Limited
- CitationIA-3021-2024 in IB-2479-(PB)-2019
Ratio decidendi
The rule this decision rests on
A corporate insolvency petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 may be permitted to be withdrawn, and the corporate insolvency resolution process terminated, where the financial creditor and corporate debtor have settled the debt and the amount due has been paid to the financial creditor under the settlement agreement, even though the committee of creditors has not yet been constituted, the application being moved under Regulation 30A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. Upon such withdrawal, the moratorium under the Code ceases to have effect, the interim resolution professional stands discharged, and the suspended management of the corporate debtor is reinstated to its position and functions, subject to the resolution professional being paid the costs of the insolvency resolution process.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
IN THE NATIONAL COMPANY LAW TRIBUNAL: NEW DELHI COURT-VI Item No. 613 IB-2479/(PB)/2019 IA/3021/2024 IN THE MATTER OF: Mis. Raj kumar tayal huf & ors. ...PETITIONER Vs. angel promoters pvt. Ltd. …RESPONDENT Section U/s 7 of IBC, 2016 Order delivered on 08.07.2024 HYBRID HEARING (PHYSICAL & VC) Coram: SHRI MAHENDRA KHANDELWAL, HON’BLE MEMBER (JUDICIAL) SHRI RAHUL BHATNAGAR, HON’BLE MEMBER (TECHNICAL) PRESENT: For the Petitioner/Financial Creditor :Ms. Anubha Goel and Mr. Mayank Joshi, Advocates For the Applicant :Adv. Udita Singh, Adv. Hashim Malik, Mr. Abhay Kumar, IRP. For the Respondent/Corporate Debtor :Mr. Rajnish Sinha and Ms. Shelly Khanna, Advocates ORDER IA/3021/2024
This is an application filed by the Resolution Professional under Section 12A of the IBC,2016, read with Regulation 30A of the IBBI (IRP for CP Regulation, 2016), read with Rul 11 of the NCLT, 2016 seeking liberty to the C.P. IB-2479/PB/2019 on account of settlement made between the Corporate Debtor/ Financial Creditor.
(Vidya Sagar)
Heard the Ld. Counsel on behalf of the Resolution Professional. Ld. Counsel on behalf of the Financial Creditor and Ld. Counsel on behalf of the Corporate Debtor are also present. It was submitted that the CIRP in this case was admitted vide order dated 20.12.2023 and before constitution of the CoC. The Financial Creditor and Corporate Debtor have entered into Settlement Agreement and the amount due to the Financial Creditor has been paid by the Corporate Debtor, as per the Settlement Agreement. Ld. Counsel on behalf of the Financial Creditor and Ld. Counsel on behalf of the Corporate Debtor acknowledge the same. It was also submitted that before the Settlement Agreement arrived. The CoC could not be constituted and therefore in terms of provisions of contained in Regulation 30A of the IBBI IRP C.P, Regulation present application has been moved. Keeping in view the fact that the matter has been settled between the Corporate Debtor and Financial Creditor and as per the Settlement Agreement, amount has already been paid to the Financial Creditor, liberty is granted for withdrawal of the C.P. i.e. IB-2479/PB/2019 and the same is dismissed as withdrawn. The IRP as appointed is discharged from his duty and the order of moratorium shall cease to have effect and the Suspended Management of the Corporate Debtor is reinstated back to their positions and functions. It was submitted by the Ld. Counsel that the CIRP cost has been paid through the cheque and the Corporate Debtor is directed to ensure full payment is received by the Resolution Professional. With these observation present IA is disposed of.
Sd/- Sd/- (Rahul Bhatnagar) (Mahendra Khandelwal) Member (T) Member (J)
(Vidya Sagar)
This page reproduces a public judgment and a summary of it. It is research material, not legal advice, and it is no substitute for advice from an advocate on your own facts.
Research this judgment with Miss Lucy
Ask what it holds, what has followed it, and what it means for your matter — in plain English, with the citations.
Try Miss Lucy free