In the matter of Bionext Pharma Pvt. Ltd.

National Company Law Tribunal21 August 2023

CitationIA 1497,2284 & 3073-2022 in C.P. (IB)-4201(MB)2019

Ratio decidendi

The rule this decision rests on

The Tribunal allowed an application under Section 12A of the Insolvency and Bankruptcy Code, 2016 read with Regulation 30A of the Insolvency Resolution Process for Corporate Persons Regulations, 2016, for withdrawal of an operational creditor's petition, where the matter had been settled between the parties, no claims had been received, and no Committee of Creditors had been constituted; the withdrawal was permitted on that basis and the petition dismissed as withdrawn, with the connected applications disposed of as infructuous.

Written by Miss Lucy from the judgment below, not taken from a headnote.

Judgment

As delivered

NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH, COURT-II 47. IA 2284/2022-19(2) IA 1497/2022-12A IA 3073/2022-12A in C.P. (IB)/4201(MB)2019 CORAM: SHRI ANIL RAJ CHELLAN SHRI KULDIP KUMAR KAREER HON’BLE MEMBER (T) HON’BLE MEMBER (J) ORDER SHEET OF THE HEARING OF MUMBAI BENCH OF THE NATIONAL COMPANY LAW TRIBUNAL ON 21.08.2023 NAME OF THE PARTIES:- IA 2284/2022 Sudha Bhushan Vs. Manoj Shivajirao Desai IA 1497/2022 Manoj Desai Vs. Sudha Bhushan IA 3073/2022 Sudha Bhushan IN THE MATTER OF Shree Chemicals V/s Bionext Pharma Pvt Ltd Section: 9 of Insolvency and Bankruptcy Code, 2016 ORDER IA No. 3073/2022:- Counsel, Mr. Rakesh Gupta appeared for the Interim Resolution Professional. Counsel, Mr. Manoj Kumar Mishra appeared for the applicant in IA No. 1497/2022. The present application has been filed by the Interim Resolution Professional of the Corporate Debtor under Section 12A of the Insolvency and Bankruptcy Code, 2016 read with Regulation 30A of the Insolvency Resolution Process for Corporate Persons, Regulations, 2016 seeking withdrawal of the C.P.(IB)/4201(MB)/2019. Counsel appearing for the Interim Resolution Professional submits that the claims were invited by the Interim Resolution Professional but till date no claim has been received and even the CoC has not been constituted yet. Counsel for the IRP further submits that he has received Form FA by the Operational Creditor for withdrawal of the Company Petition as the matter has been settled between the parties. --2—

--2--

Having considered the submissions of the Counsel, appearing for the Interim Resolution Professional and on perusal of averments made in the present application, this bench is of the considered view that parties have fully settled the matter and the CIRP process was not made head way nor the CoC has been constituted, it would be appropriate to allow the application. Accordingly, IA No. 3073/2022 is allowed and disposed of. And C.P.(IB)/4201/(MB)2019 dismissed as withdrawn.

In view of the Order passed in IA No. 3073/2022, the IA No. 1497/2022 and IA No. 2284/2022 becomes infructuous, hence disposed of. All the pending IA’s/MA’s in this Company Petition become infructuous, hence stood dismissed. File be consigned to records.

Sd/- Sd/- ANIL RAJ CHELLAN KULDIP KUMAR KAREER Member (Technical) Member (Judicial) SUSHIL

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