In the matter of Bochem Healthcare Private Limited
- CitationIA No. 164 (MP) of 2025 in CP (IB) No.39/9/MP/2023
Ratio decidendi
The rule this decision rests on
The Tribunal may allow withdrawal of a corporate insolvency resolution process under Section 12A of the Insolvency and Bankruptcy Code, 2016, read with Regulation 30A of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, where the application is made with the approval of the requisite voting share of the Committee of Creditors, or, where it is made before the constitution of the Committee of Creditors, where the settlement has been reached amicably and the application complies with the statutory requirements, and where the Tribunal is satisfied that withdrawal is in the interest of justice. Where an operational creditor has entered into a settlement with the corporate debtor's suspended management after admission, and has requested the interim resolution professional to apply for withdrawal, the Tribunal may, on being satisfied from the signed settlement agreement and the operational creditor's Form FA that the settled amount is to be paid by the suspended management and that withdrawal serves the interests of justice, allow the withdrawal, recall the admission order, vacate the moratorium under Section 14, and discharge the interim resolution professional.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
Order under Section Section 12(A) IN THE MATTER OF: Mohd Raees Sheikh IRP of Bochem Healthcare Pvt Ltd ........Applicant
Order delivered on 25/04/2025 Coram: Shammi Khan, Hon’ble Member(J) Sanjeev Kumar Sharma, Hon’ble Member(T)
ORDER (Hybrid Mode) The case is fixed for pronouncement of the order. The order is pronounced in open Court vide separate sheet.
Sd/- Sd\- SANJEEV KUMAR SHARMA SHAMMI KHAN MEMBER (TECHNICAL) MEMBER (JUDICIAL) Neeraj
BEFORE THE ADJUDICATING AUTHORITY SPECIAL BENCH AT INDORE IA No. 164 (MP) of 2025 IN CP (IB) No.39/9/MP/2023 (Application under Section 12-A of the Insolvency and Bankruptcy Code, 2016 read with Regulation 30A of the of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016) Mohd. Raees Sheikh Having address at: - 213, Azad Nagar, Goli-Karkhana, Indore, Madhya Pradesh - 452001 (Interim Resolution Professional (IRP) of Bochem Healthcare Pvt. Ltd.) …Applicant/IRP In the Matter of:
Dhara Lifescience Private Limited Registered office at: 26, Silver Homes, Opp. Suramya Bunglow, Water Tank Lane, Science City Road, Sola Ahmedabad 380060.
…Operational Creditor VERSUS Bochem Healthcare Private Limited (CIN: U33114MP1999PTC013855) Registered office at Plot No-84, Dewas Road Industrial Area, Ujjain, MP- 456010. …Corporate Debtor
IA No.164MP/2025 in CP(IB) No39./9/MP/2023 Dhara Lifescience Pvt. Ltd. Vs. Bochem Healthcare Pvt. Ltd.
Order Pronounced On: 25.04.2025
C O R A M:
SH. SHAMMI KHAN, HON’BLE MEMBER (JUDICIAL) SH. SANJEEV KUMAR SHARMA, HON’BLE MEMBER (TECHNICAL)
APPEARANCE: For the Applicant/IRP : Mr. Rasesh Parikh, Advocate. For the Respondent/OC : Mr. Pavan S. Godiawala, Advocate.
O R D E R
1. This Application has been filed on 21.04.2025 U/s 12A of the IBC, 2016 r.w. Regulation 30A of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 seeking withdrawal of the Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor - Bochem Healthcare Pvt. Ltd. commenced vide order dated 09.04.2025.
2. It is stated that CIRP was initiated pursuant to the admission of the petition filed by the Operational Creditor, Dhara Lifescience Pvt. Ltd., under Section 9 of the IBC, claiming an operational debt of Rs.13,66,19,742/-, comprising principal and interest. The Tribunal, vide its order dated 09.04.2025, admitted the petition, appointed the Applicant as IRP, and declared a moratorium under Section 14 of the IBC.
CP(IB) No39./9/MP/2023 Dhara Lifescience Pvt. Ltd. Vs. Bochem Healthcare Pvt. Ltd.
3. The Applicant submits that post-admission, the Operational Creditor and the suspended director of the Corporate Debtor, Mr. Sunil Jain, entered into a Settlement Agreement dated 17.04.2025, whereby the suspended director agreed to pay Rs. 5,00,00,000/- in full and final settlement of the claimed amount of Rs. 13,66,19,742/-.
4. The Operational Creditor agreed to waive the remaining claim upon receipt of the settled amount, provided there was no default. In case of default, the agreement would become null, allowing the Operational Creditor to restore the original claim and pursue legal remedies, including reinstatement of CP(IB)/39(MP)/2023. The agreement also stipulated that partial payments would be forfeited as a penalty for breach.
5. Pursuant to the settlement, the Operational Creditor submitted Form FA dated 17.04.2025, requesting the IRP to file an application for withdrawal of the CIRP under Section 12A of the IBC and has undertaken to bear the fees and expenses incurred by the IRP.
6. We have heard the Ld. Counsel for the Applicant/IRP as well as Ld. Counsel for the Operational Creditor and perused the record.
7. The Tribunal has perused the documents, including the Settlement Agreement (Annexure A3), Form-FA (Annexure A4), and the affidavit verifying the application. It is noted that the settlement has been reached amicably before the CP(IB) No39./9/MP/2023 Dhara Lifescience Pvt. Ltd. Vs. Bochem Healthcare Pvt. Ltd.
constitution of the Committee of Creditors, and the application complies with the requirements of Section 12A of the IBC and Regulation 30A of the IBBI Regulations.
8. The Settlement Agreement dated 17.04.2025 Form FA dated 17.04.2025 are duly signed and issued by the Operational Creditor of the Corporate Debtor. A perusal of the same confirms that the entire settled amount has been agreed to be paid by the Suspended Management. In view of the settlement and the Operational Creditor’s request, this Tribunal is satisfied that the withdrawal of the CIRP is in the interest of justice.
9. Accordingly, it is ordered as follows: - (a) The application for withdrawal of the CIRP of Bochem Healthcare Pvt. Ltd., initiated vide order dated 09.04.2025 in CP(IB)/39(MP)/2023, is allowed under Section 12A of the IBC read with Regulation 30A of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.
(b) The order dated 09.04.2025 admitting CP(IB)/39(MP)/2023 is recalled, and the moratorium declared under Section 14 of the IBC stands vacated. (c) The Corporate Debtor is released from the rigors of insolvency proceedings. (d) The Corporate Debtor shall resume operations under its existing Board of Directors. Further, the IRP is discharged and released from his assignment.
CP(IB) No39./9/MP/2023 Dhara Lifescience Pvt. Ltd. Vs. Bochem Healthcare Pvt. Ltd.
(e) The Operational Creditor shall ensure payment of all fees and expenses incurred by the IRP, as agreed. (f) In case of default in payment of settled amount as per settlement terms, the Operational Creditor may pursue other legal remedies except reinstatement of CP(IB)/39(MP)/2023.
(g) The Applicant is directed to communicate this order to all relevant stakeholders, including the Registrar of Companies and the Insolvency and Bankruptcy Board of India, for necessary compliance. 10. Accordingly, the IA/164(MP)2025 is allowed and stands disposed of. No order as to costs
11. The Registry is directed to record the settlement amount of Rs.5,00,00,000/- in MRCP.
12. A certified copy of this order may be issued, if applied for, upon compliance with all requisite formalities. File be consigned to record.
Sd/- Sd/- SANJEEV KUMAR SHARMA SHAMMI KHAN MEMBER (TECHNICAL) MEMBER (JUDICIAL)
CP(IB) No39./9/MP/2023 Dhara Lifescience Pvt. Ltd. Vs. Bochem Healthcare Pvt. Ltd.
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