In the matter of Business Broadcast News Pvt. Ltd.
- CitationIA 5760(MB)2023 in C.P. (IB)-4525(MB)2019
Ratio decidendi
The rule this decision rests on
The Tribunal allowed withdrawal of the CIRP under Section 12A of the IBC on the basis that the Financial Creditor's consent withdrawal, made after admission and before constitution of the Committee of Creditors, was supported by a settlement between the parties, the absence of outstanding fees and expenses, and the Resolution Professional's affirmation that the statutory conditions of Section 12A were prima facie satisfied; the Tribunal therefore held that withdrawal could be permitted at that stage and that, upon withdrawal, the Corporate Debtor is released from the CIRP and the erstwhile management is restored to the Board.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH COURT-IV 11. IA 5760(MB)2023 IN C.P. (IB)/4525(MB)2019 CORAM: SHRI SANJIV DUTT SHRI KISHORE VEMULAPALLI MEMBER (Technical) MEMBER (Judicial) ORDER SHEET OF THE HEARING HELD ON 22.12.2023 Name of the Party: Hansa Vision India Pvt Ltd Vs Business Broadcast News Pvt. Ltd. Section 7, 12A of Insolvency and Bankruptcy Code, 2016 ORDER 1. Mr. Maulik Choksi, Ld. Counsel for the Applicant/ Resolution Professional (RP) present. IA-5760/2023 2. This is an Application filed under Section 12A of the IBC, 2016 by the RP, under the recommendation of the Committee of Creditors (CoC), seeking withdrawal of the CIRP against the Corporate Debtor. 3. Ld. Counsel for the Applicant stated that this Bench vide an Order dated 06.12.2023 the present Company Petition bearing (C.P. (IB)/4525(MB)2019) u/s 7 was admitted and CIRP was commenced, moratorium was declared an Interim Resolution Professional (IRP) was appointed. 4. However, during the Corporate Insolvency Resolution Process before the Constitution of the Committee of Creditors an agreement has been executed between the parties as they amicably settled the claim and the Financial Creditor submitted Form FA through email dated 08.12.2023 to the RP seeking withdrawal of the Company Petition on the ground of consent terms dated 18.11.2023. There is no due of fee and expanses from the Financial Creditor.
5. In view of the above considering the totality of the circumstances, prima-facie it appears that all the requisite conditions of the Section 12A of IBC have been fulfilled, as affirmed by the Resolution Professional. Accordingly, this Bench allows the withdrawal of the CIRP against the Corporate Debtor. 6. The Corporate Debtor is free from the rigours of CIRP and the erstwhile management is being reinstated to the Board. The RP is to handover all financial and other records to the reinstated Board of the Company. RoC to be intimated the withdrawal of the CIRP and normal function of the Company. 7. Accordingly, IA-5760/2023 is allowed and disposed of. C.P. (IB)/4525(MB)2019 is dismissed as withdrawn. File to be consigned to records.
Sd/- Sd/- SANJIV DUTT KISHORE VEMULAPALLI Member (Technical) Member (Judicial) /Dubey/
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