In the matter of Globe Steel And Alloys Private Limited

ORDER 1. Ld.Authorized representative RPPresent in person. 2. IA(I.B.C)/163(KB)2025 has been preferred in respect to constitution of CoC as per Regulation 17(1) of the IBBI (Insolvency process for Corporate Persons) Regulations, 2016 to bring on the Constitution of CoC with the sole member SmallIndustries Development Bank of India(SIDBI) which is taken onrecord. 3. IA(I.B.C)/165(KB)2025 has been preferred by the RP under Section 12A of the Code read with Regulation 30A of the IBBI (Insolvency Process for Corporate Persons) Regulation 2016 to seek withdrawal application under Section 9 of the IBC in C.P. (IB)/137(KB)2024 against Mrs. Globe Steel Alloys Private Limited the Corporate Debtor. The prayer is sought for in terms of a Memorandum of Understanding (MoU) entered into on 9th of January 2025 between the Corporate

Debtor and Ganpati Enterprises the Operational Creditor which records the following as extracted hereunder for clarity.

1. “PurposeofMOU The purpose of this MOU is to outline the terms of the payment agreement for settling the debt due by the Debtor to the Creditor under the resolution plan approved bytheCommittee ofCreditors (CoC). 2. Debt Overview  Totalamount of debt owed:1,57,07,318.74  Natureof Debt:Goods/Services provided.  Invoice No./Contract Reference: [Details of the debt as per books of account is given below]. Dat particulars Vch Type Vch Debit Credit e No. 1- To GST Sales GSAPL 9,78,361.60 1,51,93,987. Apr Sales @ /24- 74 -24 18% 25/000 By 1 5- Sep -24 To GST Sales GSAPL 10,44,819.2 Sales @ /24- 0 18% 25/000 2 To GST Sales GSAPL 15,82,144.0 Sales @ /24- 0 18% 25/000 3 5- To GST Sales GSAPL 17,11,660.8 Oct Sales @ /24- 0 -24 18% 25/000

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10- By CGST Journal 1 5,13,331.00 Nov PAYBLE -24 20- To S.B.I Payment 10,00,000.0 Dec CURRENT 0 -24 A/C (329597007 98) To S.B.I Payment 10,00,000.0 CURRENT 0 A/C (329597007 98) To S.B.I Payment 14,20,000.0 CURRENT 0 A/C (329597007 98) To Closing 87,36,985.6 1,57,07,318. Balance 0 74 69,70,333.1 4

3. PaymentTerms However, Party B had received Rs. 87,36,985.60 in their bank account, to be received Rs. 9,00,000/- by 31st January, 2025 and remaining outstanding amount ofRs. 60,70,333.14to be received by31stMarch, 2025. 4. ConditionsPrecedent Theremainingpayment willbemade by31st March,2025.”

4. In view of such MoU entered between Corporate Debtor and the Financial Creditor whereby the debtor as agreed to make the full payment of the debt owed,

A.D by 31st March 2025. The prayer is made in the application to seek withdrawal of theCompany Petition filed under Section 9oftheIBC. 5. Form FAwhich is an application for withdrawal of the CIRPhas been filed on14th January 2025 as it appears from page 33 of the application and it is an admitted fact that the preliminary expenses/ estimated costs of rupees three lakhs (Rs.3,00,000/-) that was directed to be paid in terms of the order of admission has been paid tothe bank account ofIRPon10.01.2025bytheOperational Creditor 6. CoC constituted with only one Financial Creditor with 100% voting share at its second meeting held on 20th January 2025 has agreed to the withdrawal. It has approved the application received from Ganpati Enterprises and has authorised the RP to file necessary application before this Adjudicating Authority under Section 12AoftheCoderead with Regulation 30Aof theCIRPRegulation. 7. In viewof such, we are satisfied that prayer for withdrawal can begranted. 8. Accordingly, we allow the application permitting the withdrawal of the application admitted under Section 9 of the Code in respect of Globe Steel and Alloys PrivateLimited.TheCPisthus dismissed as withdrawn.

SameerKakar BidishaBanerjee Member(Technical) Member(Judicial)

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