In the matter of GMP Technical Solutions Pvt. Ltd.
- CitationIA 1913-2022 in C.P. (IB)-827(MB)2019
Ratio decidendi
The rule this decision rests on
The Tribunal allowed the withdrawal of the main insolvency petition on the basis that the Applicant's averments were satisfactory and the parties had settled the dispute by consent terms; the withdrawal was permitted and the petition closed, with the reasoning stated only in conclusory form. The order does not articulate any rule of law: it records the IRP's submissions about the absence of a Committee of Creditors and payment of CIRP costs and fees, and the Bench's satisfaction with the application, but it does not reason from any statutory provision or principle to the conclusion that withdrawal is permissible. NO_RATIO: the order allows withdrawal of the petition on the parties' settlement and the Bench's satisfaction with the application, stating no legal principle or reasoning beyond the bare conclusion.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
Section 12A & 9 of the IBC, 2016 ORDER IA 1913/2022 This is an Application filed by the Applicant, Interim Resolution Professional (hereinafter referred to as IRP) of the Corporate Debtor, GMP Technical Solutions Pvt Ltd., seeking withdrawal of the main Company Petition bearing CP (IB) No. 827 of 2019. Counsel appearing on behalf of the IRP has invited our attention to Form “FA” dated 08.07.2022, signed by the Authorised Signatory of the Operational Creditor, which is forming part of the present Application and the same has been marked as Exhibit “D”. The Counsel appearing on behalf of the IRP further invited our attention at para 5 and para
7 of the present Application which reveals that from the date of filing of the present Application the Committee of Creditor was not constituted and the Corporate Insolvency Resolution Process (CIRP) cost and IRP fees has also been paid by the Applicant, the requirements of sub-Regulation (2) of Regulation 30A of the IBC, 2016. It is further stated that the Corporate Debtor has amicably settled the issue involved in the main Company Petition and the parties have entered into the consent terms dt. 18.06.2022. Having considered the submissions of the Ld. Counsel appearing on behalf of the IRP and on perusal of the averments made in the present Application, this Bench is satisfied, accordingly in view of above the present Application is liable to be allowed, hence the same is allowed thereby allowing the Applicant to withdraw the main Company Petition. The main Company Petition bearing CP (IB) No. 827 of 2019 is removed from the rigour of the CIRP. Resultantly, the main Company Petition bearing CP (IB) No. 827 of 2019 stands closed. File be consigned to record.
Sd/- Sd/-
SHYAM BABU GAUTAM JUSTICE P.N. DESHMUKH Member (Technical) Member (Judicial) Akash
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