In the matter of Apple Spire India LLP
- CitationIA No. 567 of 2023 in CP (IB) No.34/BB/2022
Ratio decidendi
The rule this decision rests on
The Adjudicating Authority may permit withdrawal of a petition admitted under Section 7 of the Insolvency and Bankruptcy Code, 2016, before the constitution of the Committee of Creditors, where the withdrawal is sought by the Interim Resolution Professional under Section 12A of the Code read with Regulation 30A of the CIRP Regulations, and the conditions for withdrawal under those provisions and Rule 11 of the NCLT Rules, 2016 are satisfied, namely that no claims have been received from creditors, the parties have settled the matter amicably, the petitioners have executed and submitted Form FA withdrawing the petition, and the fees and CIRP expenses have been cleared by the petitioners. Upon such withdrawal, the moratorium imposed under the Code ceases to have effect from the date of the order, the Interim Resolution Professional stands discharged, and the management and affairs of the corporate debtor are to be handed back to its suspended Board of Directors.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
IN THE NATIONAL COMPANY LAW TRIBUNAL SPECIAL BENCH, BENGALURU (Through web-based Video-Conferencing Platform) ITEM No. 01 IA No.567 of 2023 in CP (IB) No.34/BB/2022 IN THE MATTER OF: Mr. Nagappa Maiya & Ors. … Petitioners Vs. M/s. Apple Spire India LLP … Respondent Order under Section 7 of Insolvency & Bankruptcy Code, 2016 Order delivered on: 21.08.2023 CORAM: JUSTICE (RETD.) T. KRISHNAVALLI HON’BLE MEMBER (JUDICIAL) SH. MANOJ KUMAR DUBEY HON’BLE MEMBER (TECHNICAL) PRESENT: For the Applicant : Shri Hemanth Rao, Adv. For the Petitioners : Shri Akshay J. Simha, Adv. ORDER IA No.567 of 2023: 1. This application has been filed by the IRP of Corporate Debtor u/s 12A of the Code r/w Regulation 30A of the IBBI (CIRP) Regulations, 2016 seeking to permit the withdrawal of the Petition filed u/s 7 of the Code. 2. Heard Ld. Counsel for the Applicant-IRP. 3. The Applicant inter alia stated that no claims have been received from any Creditors till date and even before the Applicant constitute the CoC, the parties have settled the matter amicably. In this regard, the Petitioners have executed and submitted Form-FA to the Applicant withdrawing the instant CP. Copies of Form-FA dated 04.08.2023 is at Annexures A1 to A8 of IA. It is further stated that his fees and CIRP expenses have been cleared by the Petitioners. Hence, no bank guarantee has been submitted with Form-FA. In view of the aforesaid settlement between the Parties, the Applicant seeks withdrawal of the captioned Petition. 4. Since the conditions for withdrawal for CIRP u/s 12A of the Code r/w Regulation 30A of the IBBI (IRP for Corporate Persons) Regulations, 2016 and Rule 11 of the NCLT Rules, 2016 have been satisfied, this Adjudicating Authority has no objection for withdrawal of this Petition. Therefore, the instant Applicant is hereby allowed. 5. Consequently, the Corporate Debtor is hereby released from the rigours of CIRP and the IRP so appointed, is directed to handover the charge of the Assets and affairs of the Corporate Debtor back to the Suspended Members of the Board of Directors of Corporate Debtor. Accordingly, IRP is discharged from his duties of the Corporate Debtor, and moratorium imposed shall be ceased to have effect from the date of this order. 6. Accordingly, IA No.567 of 2023 stands disposed of and consequently, C.P. (IB) No.34/BB/2022 stands closed.
Sd/- Sd/- MANOJ KUMAR DUBEY T. KRISHNAVALLI MEMBER (TECHNICAL) MEMBER (JUDICIAL) Krishna
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