In the matter of C. S. Infraconstruction Ltd.
- CitationIA No.402, 404 & 422/2022 in CP (IB) No. 62/ALD/2021
Ratio decidendi
The rule this decision rests on
The withdrawal of a Section 9 insolvency application under Section 12A of the Insolvency and Bankruptcy Code, 2016 is permissible before the constitution of the Committee of Creditors where the applicant and the corporate debtor have settled the matter, the settlement is evidenced by an agreement and Form-FA, and the applicant has the requisite authority to withdraw, so that the tribunal may allow the withdrawal, release the corporate debtor from the corporate insolvency resolution process, discharge the interim resolution professional on payment of his dues, and dispose of the main petition accordingly.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
DIVISION BENCH ITEM NO. 5 NATIONAL COMPANY LAW TRIBUNAL ALLAHABAD BENCH PRAYAGRAJ IA No.422/2022, IA No.402/2022 & IA No.404/2022 IN CP (IB) No.62/ALD/2021 CORAM: 1. SHRI HARNAM SINGH THAKUR, HON’BLE MEMBER (JUDICIAL) 2. SHRI SUBRATA KUMAR DASH, HON’BLE MEMBER (TECHNICAL) ATTENDANCE-CUM-ORDER SHEET OF THE HEARING ON 21st November, 2022, 12:30 pm NAME OF THE COMPANY BALAJI ENTERPRISES V/S C.S. INFRACONSTRUCTION LTD UNDER SECTION 9 IBC (IN CIRP) COUNSEL APPEARED THROUGH VIDEO CONFERENCING: Sh. Krishna Dev Vyas, Adv. : For the Applicant in IA No.422/2022 & IA No.402/2022 None : IA No.404/2022 ORDER IA No.402/2022 IA No.402/2022 is an application to place on record the Form-2 submitted by the RP and vakalatnama filed on behalf of IRP. Same is taken on record. Accordingly, IA No.402/2022 stands disposed of. IA No.422/2022 & IA No.404/2022 IA No.422/2022 has been filed under Section 12A of IBC & Rule 11 of NCLT Rules, 2016 and Regulation 30A of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 for withdrawal of CIRP against the Corporate Debtor by the IRP. CoC has not been constituted so far and Form-FA has been filed. It is stated by the learned counsel for the IRP that the parties have settled the matter. The settlement agreement is dated 12th November, 2022 and the same is the date of Form-FA. Since the parties have arrived at settlement, therefore keeping in view the relevant provisions under Section 12A of IBC & Rule 11 of NCLT Rules, 2016 and Regulation 30A of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, the present application (IA No.422/2022) is allowed and disposed of. The Corporate Debtor is released from rigours of the CIRP and IRP is discharged. The dues have been paid to the IRP. The main CP (IB) No.62/ALD/2021 is disposed of accordingly. Since, the IA No.422/2022 is allowed thus, IA No.404/2022 is rendered infructuous and disposed of.
(Subrata Kumar Dash) (Harnam Singh Thakur) Member (Technical) Member (Judicial) 21st November, 2022 Md. Zaid (Stenographer)
This page reproduces a public judgment and a summary of it. It is research material, not legal advice, and it is no substitute for advice from an advocate on your own facts.
Research this judgment with Miss Lucy
Ask what it holds, what has followed it, and what it means for your matter — in plain English, with the citations.
Try Miss Lucy free