In the matter of Grades Entertainments Pvt. Ltd.
- CitationIA-1348-2022 & IA-1307-2023 in IB-953(ND)-2020
Ratio decidendi
The rule this decision rests on
The Tribunal permits withdrawal of a Section 9 insolvency petition under Section 12A of the Insolvency and Bankruptcy Code, 2016, read with Regulation 30A of the CIRP Regulations, 2016, where the Committee of Creditors has approved the withdrawal by a vote of more than 90% of the voting share, the approval being conditional on the applicant furnishing Form FA and the Resolution Professional being authorised to file the withdrawal application.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
This application has been filed by the Resolution Professional under Section 12A of Insolvency and Bankruptcy Code, 2016 read with Regulation 30A of CIRP Regulations, 2016. It is submitted by the Ld. Counsel that in the 4th meeting of COC held on 11.07.2022, the proposal of withdrawal of CIRP in accordance with Regulation 30A of CIRP Regulations read with Section 12A of the Code was placed before the Committee of Creditors for e-voting.
The Resolution passed in the said COC meeting is extracted below:
Mamta 02.05.2023 “RESOLVED THAT subject to furnishing of Form FA by Mr. Nimit Soni, approval of the committee of creditors of Grades Entertainments Private Limited be and is hereby accorded for withdrawal of corporate insolvency resolution process in respect of Grades Entertainments Private Limited in accordance with Section 12 A of the Code read with Regulation 304 of CIRP Regulations, 2016."
"FURTHER RESOLVED that Mr. Nitish Kumar Chugh, resolution professional be and is hereby authorised to file necessary application for withdrawal and to do all other necessary and incidental things." Further, Form FA was also circulated to all CoC members. The matter was put for e-voting. The e-voting result result is as under:
S. Name of Voting Yes% No Abstained Total% No. COC Share % % Members % 1. Nimit Soni, 87.68 87.68% - - 87.68 Rajan Soni, % & Vijay Soni (Paras Art Studio 2. Sidharth 12.32 12.32% - - 12.32 Rathi (on % % Que Exhibitions & conferences ) Total 100.0 100.00% - - 100.00 0% %
Mamta 02.05.2023
The Ld. Counsel further submitted that in terms of Section 12A the resolution is required to be approved by 90% of voting share of CoC Member and in the present case the Resolution was passed by 100% voting share in favour of proposal under Section 12A of the Code.
Heard the submissions made by Ld. Counsel and perused the records. We permit the Applicant to withdraw the present petition. IB-953(ND)/2020 stands dismissed as withdrawn.
IA allowed. IA-1348/2022:- List the matter on 01.06.2023.
Sd/- Sd/- (ATUL CHATURVEDI) (BACHU VENKAT BALARAM DAS) MEMBER (TECHNICAL) MEMBER (JUDICIAL)
Mamta 02.05.2023
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