In the matter of Atlanta Mediworld Pvt. Ltd.
- CitationIA No. 104-2023 in CP (IB) No. 78-ALD-2020
Ratio decidendi
The rule this decision rests on
The Adjudicating Authority may permit an operational creditor's application under Section 9 of the Insolvency and Bankruptcy Code, 2016 to be withdrawn at the stage before the Committee of Creditors is constituted under Regulation 16 of the CIRP Regulations, 2016, where the withdrawal is supported by Form FA, a memorandum of understanding recording full and final settlement of the debt, and the Corporate Debtor has no objection to the withdrawal.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
DIVISION BENCH ITEM NO. 2 NATIONAL COMPANY LAW TRIBUNAL ALLAHABAD BENCH PRAYAGRAJ IA No. 104/2023 IN CP (IB) No. 78/ALD/2020 CORAM: 1. SHRI PRAVEEN GUPTA, HON’BLE MEMBER (JUDICIAL) 2. SHRI ASHISH VERMA, HON’BLE MEMBER (TECHNICAL) Date of Order: 16th March, 2023 Attendance-Cum-Order Sheet of the Hearing. NAME OF THE COMPANY DR. ANKUSH GARG V/S ATLANTA MEDIWORLD PVT LTD UNDER SECTION 9 IBC (IN CIRP) COUNSEL APPEARED THROUGH VIDEO CONFERENCING: Sh. Mohd Nazim Khan, PCS. : For the IRP in person Ms. Babita Jain, Adv. : For the Applicant in IA No. 104/2023 Sh. Saurabh Paul, Adv. : For the Corporate Debtor ORDER IA No. 104/2023 This is an IA No. 104/2023 for seeking withdrawal of the main application filed by the applicant Under Section 9 of the Code. As stated by the IRP in the said IA in para 8 that the IRP has received only one claim of Rs.26,06,421.31 from Applicant in the matter from Dr. Ankush Garg on 4th March, 2023, however, on 11th March, 2023 the IRP received Form FA, Application for withdrawal of Corporate Insolvency Resolution Process alongwith Memorandum of understanding both dated 11.03.2023. This is done prior to formation of Committee of Creditors under Regulation 16 of CIRP Regulation, 2016. Operational Creditor i.e. Dr. Ankush Garg submitted in Form FA alongwith Memorandum of understanding that he received Rs.20,00,000/- from Corporate Debtor i.e. Atlanta Mediworld Pvt. Ltd. in full and final settlement of his debt. IRP also confirmed the receipt of an amount of Rs. 1 lac towards estimated cost and fee incurred for the purpose of clause (c) and (d) of Regulation 31 of CIRP Regulation, 2016 on 02.03.2023. Therefore, this IA is filed seeking withdrawal of main -Sd- -Sd-application filed u/s 9 for CIRP of Corporate Debtor. The Corporate Debtor has been represented now by Ld. Counsel and has no objection to the withdrawal of the application by the applicant himself. In view of the above, let this application is allowed and the main petition CP No.78/ALD/2020 is permitted to be withdrawn. Order accordingly. IA stands disposed of. CP is dismissed as withdrawn.
-Sd- -Sd- (Ashish Verma) (Praveen Gupta) Member (Technical) Member (Judicial) 16th March, 2023 Bipul Kumar Tiwari (Stenographer)
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