In the matter of Bherawa Textile Industries Private Limited

NATIONAL COMPANY LAW TRIBUNAL JAIPUR BENCH (Camp at Chandigarh) (t h r o ug h w e b - b ss e d v i d eo co nfe r e n ci n g p I utfu r m) Item No.03 IA No. 331/JPR/:1020 IA No. 2871JPR/:\020 In CP No. (IB)-r06/9/JPR/;}019 Under Section 9 of IBC, il,0l6 In the matter of: Mr. Manoj Lakhera, Sole Prop. of i\tus Manoj Kumar & company ...Operatio4al Creclitor Versus Bherawa Textile Industries private Limited ...Corporate Delltor And In the matter of IA No.331/Jpw2020 & IA No.2g7/JpR/2020: Vikram Singh Rathore, IRp of Bherawa Textile Industries Private Limited ...Applicant Versus Mr. Manoj Lakhera, sole prop. of M/s Manoj Kumar & company and.z\nr. ...Respond ents Order delivered on 10.11.2020 COTAM: HON,BLB MR. AJAY KUMAR VATSAVAYI, JUDICIAL MEMBIIR I{ON'BLE MR. RAGHU NAYYAR, TECHNICAL MEMBER

: For the Applicant Vik u{, Singh Rathore, IRp Foi the Respondents : l Nares{r Kumar Sejvani, Adv. ORDER IA No. 331/JPR/2020

The instant application has been filed by tlpe Applicant seeking urgent hearing. of IA No. 287IJPN2O2O.In the circumstartc i es, the IA is allowed to the extent of urgent hearing and IA No. 287/JPR/2020 i]s taken up for hearing. l

IA No' 331/JPR/2020 is allowed to the extent of urgent hearing and stands disposed of accordingly.

IA No. 287IJPR/2020 This Application has been filed by the Resolution professional of Bherawa Textile Industries Private Limited under Section 12A of IBC, 2016 read with Regulation 30A of IBBI (Insolvency Resolution Process for corporate persons) Regulations, 2016 seeking permission to withdraw the cp No. (IB)_ r06t9tlPR/2019.

It is stated that the proceedings had been initiated against the Corporate Debtor, Bherawa Textile Industries Private Limited on 07.0g. 2ozowhen cp No. (IB)-|0619/JPPV2020 was admitted. The IRP received the order of admission on t4'09'2020' In the meantime, immediately thereafter, the petitioner/ operational creditor filed an Application in Form No. FA vide Annexure-2 stating that the matter has been settled between him and the corporate Debtor and. accordingly, he presented settlement agreement dated 17.0g.2020 which is filed as Annexure- 3' It is also submitted that the Applicant/Resolutiopr professional was paid total fee of Rs' 75,000, having been deposited by the opfrational creditor towards the expenses/ fee of the IRP' It is further stated that since the requirements under the code and Regulations are complied with, the IA may l be allowed and accordingly, CP No. (IB)- l}619lIPR/2020 may be permitted to be withdrawn.

Mr' Naresh Kumar Sejvani, Adv. for the Respondent has.confirmed the aforesaid facts.

the circumstances and in view of the settlement eniered into between the parties before the coc is constituted, and the instant Application being filed, the instant IA is allowed and cP No. (IB)- lo6/g/Jpv2otgis dismissed as withdrawn. The Respondent/ corporate Debtor is released from all the rigours of insolvency proceedings' The moratorium shall cease to have effect. The Board of Directors of the corporate Debtor is restored and the IRp shall handover the management and control of the corporate Debtor and retum the records, if any,.to the Board of the corporate Debtor. Accordingly, this IA is disposed of.

In view of the orders passed in IA zgT,p*zozo, CP No.(IB)- I06191IPF|2A1.9 is also disposed of, as stated herein. S{- s{--- (Raghu xuI"O (Ajay Kumar Vatsavayi) Technical Member Judicial Member November lO,2OZO