In the matter of Beloorbayir Biotech Ltd.
- CitationI.A. No.53 of 2023 in C.P. (IB) No.53-BB-2022
Ratio decidendi
The rule this decision rests on
The Adjudicating Authority may permit withdrawal of an application admitted under Section 7 of the Code, under Section 12A read with Regulation 30A of the IBBI (IRP for Corporate Persons) Regulations, 2016 and Rule 10 of the I&B (Application to Adjudicating Authority) Rules, 2016, where the settlement between the parties is recorded, the applicant's requirements under Regulation 30A(1)(a), (2)(a) and (3) are satisfied, and the Committee of Creditors has not yet been constituted; upon such withdrawal the Corporate Debtor is released from the Corporate Insolvency Resolution Process, the Interim Resolution Professional is discharged, and the charge of the assets and affairs is handed back to the suspended Board of Directors.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
Order delivered on: 07.02.2023 CORAM: JUSTICE (RETD.) T. KRISHNAVALLI HON’BLE MEMBER (JUDICIAL) SH. MANOJ KUMAR DUBEY HON’BLE MEMBER (TECHNICAL) PRESENT: For the Applicant/IRP : Ms. Manoranjani For the Respondent : Ms. S. Manjula Devi ORDER I.A. No.53 of 2023 1. Heard Ms. Manoranjani, learned Counsel for the Applicant/IRP. 2. The present application has been filed by Mr. Murali Prasad Nalam, Interim Resolution Professional of Beloorbayir Biotech Ltd. (hereinafter as ‘Applicant’) under Section 12A of the Code, r/w Regulation 30 A of the IBBI (IRP for Corporate Persons) Regulations, 2016 seeking to allow the instant Application for withdrawal of main C.P. bearing C.P.(IB)No.53/BB/2022 admitted under Section 7 of the Code etc. 3. It is observed that the main Company Petition was admitted by this Adjudicating Authority on 15.12.2022. The IRP in the instant case has not yet constituted the CoC of the Corporate Debtor. Meanwhile, it is brought to the notice of the Adjudicating Authority that both the parties have entered into mutual settlement agreement dated 27.01.2023 and thus the Applicant/IRP has filed the instant Application seeking for withdrawal of the C.P in view of the aforesaid settlement entered into by the parties. 4. It is seen that the Financial Creditor has filed Form FA wherein it is inter alia stated that the Corporate Debtor has paid the entire payment due to the IRP towards the total cost incurred for the purpose of regulation 31(c) and (d) and hence bank guarantee need not be attached herewith. 5. Since the conditions for withdrawal for CIRP U/s 12A of the Code and r/w Regulation 30 A (1)(a), (2)(a) and (3) of the IBBI (IRP for Corporate Persons) Regulations 2016, r/w Rule 10 of the I&B (Application to Adjudicating Authority) Rules, 2016 have been satisfied, this Adjudicating Authority has no objection to permit the Financial Creditor for withdrawal of the instant C.P. Accordingly, the same is therefore allowed to be withdrawn. 6. Consequently, the Corporate Debtor is brought out from the rigours of CIRP and the IRP 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. Further, IRP is discharged from his duties. 7. Accordingly, I.A. No.53 of 2023 is disposed of. Consequently, C.P.(IB)No.53/BB/2022 stands closed.
Sd/- Sd/- (MANOJ KUMAR DUBEY) (T. KRISHNAVALLI) MEMBER (TECHNICAL) MEMBER (JUDICIAL) Puja
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