In the matter of BSR Superspeciality Hospitals Ltd.
- CitationIA (IB) No.47-CB-2024 in CP (IB) No. 34-CTB-2019
Ratio decidendi
The rule this decision rests on
The Tribunal allowed the withdrawal of an admitted Section 9 petition and the consequent termination of the CIRP. The reasoning on which that disposal rests is as follows. An application for withdrawal of an admitted petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, may be allowed, and the corporate insolvency resolution process may be terminated, where the parties have amicably settled their dispute and nothing remains to be adjudicated, so that keeping the proceeding alive would serve no useful purpose. Where the withdrawal is made before the constitution of the Committee of Creditors, on an application in the prescribed form made under Regulation 30A of the CIRP Regulations and Rule 11 of the NCLT Rules, 2016, the Tribunal may, upon allowing the withdrawal, terminate the CIRP, restore the Board of Directors of the Corporate Debtor to its original position, direct the Interim Resolution Professional to hand over the books of account and stand discharged, and cancel the moratorium that took effect on admission.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
ORDER IA flB) No.47lCB/2024: 1. The instant Interlocutory Application bearing IA (IB) No. 47lCB/2024 in CP (IB) No. 34/CTB/2019 is filed by Interim Resolution Professional (IRP) under section 12A of the Insolvenry and Bankruptcy Code, 2016 (hereinafter referred to as ,(IB Code") read with Regulation 30-A of the CIRP Regulations20l6 and Rule 11 of the NCLT Rules, 2016 onbehalf of the Financial Creditor, inter-alia, seeking to withdraw the CIRP process initiated against BSR Superspeciality Hospitals Ltd. vide Order of this Tribunal dated03.t.2024 and discharge the IRP and close the CIRP. 2. Applicant states that the Operational Creditor had filed C.P (IB) No. 34/CTB/2019 agatnst the Corporate Debtor under Section 9 of the IB Code before this Tribunal. The same was admitted by this Bench on 03.1.2024andJ&,dr, Anuj Bajpar, was appointed as Interim Resolution Professional. 3. The applicant states that in compliance with the requirements specified under CIRP regulations and IB Code, 20t6, he made a public announcement on 05.1.2024in Form B in one regional langaage Raipur Edition (('Swadesh"), and tX" in one English Newspaper ("The Times of India"). The was also published g\ s4- in IBBI website under the provisions of Regulation 6 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulation,20L6 calling upon all the creditors of the Corporate Debtor to submit their claims, in pursuance ofthat three claims were received. 4. However, the applicant has not constituted a CoC since the applicant received communication form the operational creditor of his intent of withdrawing the company petition in view of the settlement arrived between the parties.
5. In furtherance of the CIRP, the applicant visited the registered office of the corporate order on 15.01.2024. Thereafter, in compliance of the order dated 03.01.2024, the operational creditor remitted an amount of Rs. 2,00,000/- to the applicant vide a Cheque datedlanuary t6,2l24bearrngCheque No. 31056 drawn on State Bank of India. The operational creditor also informed that the parties are in the process of settling their disputes.
6. The applicant submits ttrat in view of the acceptance of the said settlement proposal by both the parties there remains nothing to be adiudicated. The matter has been amicably settled; therefore, no useful purpose shall be served in keeping the matter alive and that the interests of all the parties concemed would be best protected if the financial creditors are allowed to withdraw the said petition bearing CP (IB) No.34lCB /20L9. 7. Applicant submits that Form FA (Application for withdrawal of Corporate Insolvency Resolution Process) has already been filed on L9.01.2024ul-terms of Regulation 30A(1)(a) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations and Rule 11 of the NCLT Rules, before the constitution of the CoC (Committee of Creditors). 8. The IRP has received Rs. 2,00,000/- from the financial Creditor as advance in his bank account on L6.L.2\24as per the order dated03.1.2024. The applicant stated thatasum ofRs. L,97 ,684/ -has been incurred till the date of filing the application; inclusive of his fee" The balance amount is payable to the oqperational creditor. t7
9. In the result, the Petition bearing CP (IB) No. 34lCB /20t9 is allowed to be withdrawn in terms of provisions of section 12A of the IB Code, read with relevant Rules and Regulation 30A and CIRP and shall stand closed. 10. In the circumstances stated above, it is ordered as follows: (a) This withdrawal application I.A (IB) No. 47lCB /2024 is allowed in consequence the CIRP initiated against the Corporate Debtor shall stand terminated. (b) The Board of directors of the Corporate Debtor is restored to its original position. (c) The IRP is hereby directed to hand over the books of accounts to the hands of restored Boardof Directors and the IRP is hereby shall stand discharged. The moratorium which came into effect in consequence of the order of admission dated 03,L.2024 is stand cancelled. The Corporate Debtor is relieved from the rigorous clutches of all the action initiated in the proceeding. (d) Registry is directed to communicate this order to ROC, Chhattisgarh. (e) Let the certified copy of the Order be issued upon compliance with the requis ite formalities. (f) File be consigned to records.
?-q C.4 f. Kaushalendra Kumar Singh Vfonh-n na; Member (Technical) Member (Judicial)
Supriya_P.S
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