In the matter of Columbus Overseas LLP
- CitationIA No. 592/JPR/2022 in CP No. (IB)-172/7/JPR/2019
Ratio decidendi
The rule this decision rests on
The Tribunal may permit withdrawal of an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, after its admission and before the constitution of the Committee of Creditors, where the financial creditor has, following a settlement with the corporate debtor, filed a Form FA withdrawal under Regulation 30A and no claims have been received by the Interim Resolution Professional, the application being accordingly allowed and the Section 7 petition dismissed as withdrawn.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
NATIONAL COMPANY LAW TRIBUNAL JAIPUR BENCH (t hr o ug h w e b - b as e d v i d e o c o nfer e n c i n g p I atfo r m) Item No. 02 IA No. 592lJPRl2022 CP No. (IB)- r72l7lJPRlz$tg Under Section 7 of IBC, 2016 In the matter oft Amit Bhandari ...Financial Creditor/Applicant Versus Columbus Overseas LLP Corporate Debtor/Respondent. . . CoTam: HON,BLE MR. DEEP CHANDRA JOSHI, JUDICIAL MEMBER HON'BLE MR. PRASANTA KUMAR MOHANTY, TECHNICAL MEMBER Present Through Video Conferencing: - : For the Applicant Sakshi Jain, Adv. Ankit Juneja, Adv. Susshil Daga, Adv. Akshita Koolwal, PCS Deepak Arora, IRP : For the Respondent Vartika Mehra, Adv. ORDER IA No. 592IJPR/2022: This is an application filed under Section l2A of the Insolvency & Bankruptcy Code, 2016 read with Regulation 30A of Insolvency & Bankruptcy Board of India (Insolvency Resolution Process of Corporate Debtor) Regulations, 2016 and Rule l1 of NCLT Rules,2016 seeking withdrawal of application filed under Section 7 of IBC, 2016. Heard Mr. Susshil Daga, Adv. appearing on behalf of IRP. Mr. Deepak Arora, IRP is present in person. Ms. Sakshi Jain, learned counsel of one of the FinFancial Creditor opposes this application. Application filed under Section 7 of sd--
IBC, 2016 by the Applicant was admitted on l6.l I .2022 and Mr. Deepak Arora was appointed as an IRP. It has been submitted in the application that subsequent to the aforesaid order, the Corporate Debtor approached the Applicantl Financial Creditor for settling the unpaid financial debt and pursuance to which the Financial Creditor and the Corporate Debtor arrived at an amicable settlement vide Settlement Agreement dated 19.11 .2022. It is also submitted in the application that the Financial Creditor has sent Form FA dated 21.11.2022 to the IRP as per Regulation 30A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. It is further submitted in the application that no claim till date is received by the IRP till after commencement of Corporate Insolvency Resolution Process against the Corporate Debtor. In view of the above facts of the application and since there is no Constitution of CoC, the present application filed by the IRP is allowed and CP No. (IB)- l72l7|JPR/2019 is dismissed as withdrawn CP No. (IB)- 172I7/JPR/2019: In view of the order passed in IA No. 592lJPN2O22,the CP is dismissed as withdrawn. Sd- s{r-----=---=-- (Prasanta Kumar Mohanty) (Deep Chandra Joshi) Technical Member Judicial Member November 22,2022 HA
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