In the matter of Cheema Papers Limited
- CitationIA(I.B.C)/1491/CH/2024 in C.P. (IB)/131/CH/2023
Ratio decidendi
The rule this decision rests on
The Tribunal may permit withdrawal of a Section 7 petition under Section 12A of the Insolvency and Bankruptcy Code, 2016, read with Regulation 30A of the CIRP Regulations, where the financial creditor has, in the form prescribed (Form FA), sought withdrawal and the insolvency resolution professional confirms that the CIRP costs and expenses have been duly paid.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
IN THE NATIONAL COMPANY LAW TRIBUNAL: CHANDIGARH BENCH COURT No.1 (through hybrid mode) ITEM No. 110 IA(IBC)/1490(CH)2024, IA(IBC)/1491(CH)2024 and IA(IBC)/1496(CH)2024 in CP (IB) 131/Chd/Chd/2023 (Admitted) IN THE MATTER OF:- IDBI Bank Limited ...Petitioner Versus Cheema Papers Ltd. …Respondent Under Section: 7, 60(5), 12A IBC 2016 and Rule 11 NCLT Order delivered on 02.07.2024 CORAM: SH. L. N. GUPTA SH. HARNAM SINGH THAKUR MEMBER (TECHNICAL) MEMBER (JUDICIAL) PRESENT: For the applicant in IA : Mr. Aalok Jagga, Advocate Nos.1490/2024 and 1496/2024 Mr. APS Madaan, Advocate For the applicant/RP in IA : Ms. Ramneek Kaur Mann, Advocate No.1491/2024 For the Bank/financial : Mr. Harsh Garg, Advocate creditor ORDER IA No.1490/2024 It is stated by ld. counsel for the applicant that in presence of IA No.1491/2024 filed by the RP, he may be permitted to withdraw the present application. Keeping in view the facts and circumstances of the present case and the statement made by the ld. counsel for the applicant, IA No.1490/2024 stands dismissed as withdrawn. IA No.1496/2024 It is stated by ld. counsel for the applicant that in presence of IA No.1491/2024 filed by the RP, he may be permitted to withdraw the present application. Keeping in view the facts and circumstances of the present case and the statement made by the ld. counsel for the applicant, IA No.1496/2024 stands dismissed as withdrawn. IA(IBC)/1491(CH)2024 The present application has been filed by the RP under Section 12A of the IBC, 2016 read with Regulation 30A of CIRP (Regulations) 2016 for withdrawal of the petition bearing CP(IB) No.131/Chd/Chd/2023 filed under Section 7 of the IBC, 2016 qua Cheema Papers Limited that is the corporate guarantor to the main borrower. Form FA is attached at Page No.44 as Annexure A8 duly signed by the Bank and it is stated that the bank wants to withdraw the Section 7 petition bearing CP(IB) No. No.131/Chd/Chd/2023 filed by the Bank before this Adjudicating Authority qua the present corporate guarantor i.e. Cheema Papers Limited. The IRP confirms that the CIRP cost and expenses have been duly paid. Thus, IA No.1491/2024 is allowed and Cheema Papers Ltd. only is released from the rigours of the CIRP. Cheema Papers Ltd. is allowed to function with its regular Board. Thus, the present application stands disposed of. File be consigned to the record room.
Sd/- Sd/- (L. N. GUPTA) (HARNAM SINGH THAKUR) MEMBER (TECHNICAL) MEMBER (JUDICIAL) Tanvi
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