In the matter of Ideal Real Estates Private Limited

National Company Law Tribunal12 March 2025

CitationIA(I.B.C)/426(KB)2025 in C.P. (IB)/127(KB)2023

Ratio decidendi

The rule this decision rests on

The Tribunal permitted the withdrawal of the Section 7 application, and set aside the initiation of the Corporate Insolvency Resolution Process, on the basis that a restructuring agreement had been executed between the Financial Creditor and the Corporate Debtor, which the Tribunal accepted as the basis for withdrawal, that CIRP costs had been paid in full, and that the agreement contained a revival clause operating in the event of default; on those grounds the Tribunal held that the petition could be dismissed as withdrawn and the prayer in the application allowed, and the Interim Resolution Professional discharged.

Written by Miss Lucy from the judgment below, not taken from a headnote.

Judgment

As delivered

DIVISION BENCH S-3COURT - INATIONAL COMPANY LAW TRIBUNALKOLKATA BENCHKOLKATAC.P.(IB)/127(KB)2023IA(I.B.C)/426(KB)2025CORAM: 1. HON’BLE MEMBER(J), SMT. BIDISHA BANERJEE2. HON’BLE MEMBER(T), CMDE SIDDHARTH MISHRAORDER SHEET OF THE HEARING ON 12TH MARCH 2025OARSMANCREDITPRIVATELIMITEDIN THE MATTER OF VSIDEALREALESTATESPRIVATELIMITEDUNDER SECTION IBCUNDERSEC7Appearance(via video conferencing/physically)Ms.Urmila Chakraborty, Adv. ]For theFinancial CreditorMr. Aditya Kanodia, Adv. ]Ms.Suparna Sardar, Adv. ]Ms.Namrrataa Basu, Adv. ]For theIRPMs.Sweta Mohanty, Adv. ]For theCorporate DebtorOR DER

1. Ld. Counsel appearing for theparties present. 2. IA(I.B.C)/426(KB)2025: a. An application has been preferred by the IRP of the Ideal Real Estate Private Limited in regard to the CIRP process initiated against the Ideal Real Estate PrivateLimited, theCorporate Debtorto seek thefollowing releifs: - “C.P.(I.B) No. 127/KB/2023 be disposed as withdrawn in terms of the restructuring agreement executed between the Financial Creditor and CorporateDebtor on14thDecember,2024; Toset aside the order of initiation of Corporate Insolvency Resolution Process passed on5thApril, 2024in C.P.(IB) No.127/KB/2023; ToDischargeInterimResolution Professional; Such other and/or further orders be made and/or directions be given as this Hon’bleTribunal deems fitandproper.”

SG b. It is submitted that the CIRPwas initiated against the Corporate Debtor on05th April, 2024, however, the order was stayed by the Hon’ble NCLAT on 09th April, 2024 due to which no CoC was formed and no resolution plans were received and the matter did not proceed even to the stage of appointing for confirming the RP. Meanwhile, settlement talks were going on between the Corporate Debtor and the Financial Creditor, culminating into an agreement entered into between them, which appears at page 40 which is a letter of settlement. c. Theamount in default was Rs. 7,38,31,923.80/-when the application was filed. Due to some payments made by the Corporate Debtor, in the meantime the amount got reduced and finally the matter was settled at the principal amount as it stood after part payment from the Corporate Debtor, at Rs.3,43,39,086/-as on 04th December, 2024 as it appears from page 49 which is the restructuring payment schedule extracted hereunder forclarity.

d. Form FAregarding thewithdrawal oftheapplication is at page 54. e. It is also submitted by the Ld. Counsel for the RP that CIRP costs have been paid in full and the restructuring agreement itself provides for a revival clause

SG in the event settlement terms are violated or CPfails adhere to the terms of the restructuring settlement agreement, theCPwould berevived. f. Accordingly, having noted as above we permit the CP to be dismissed as withdrawn and allowed the prayer made in the application in terms of the restructuring agreement entered into between the parties on 14th December, 2024. g. Theappointed IRPisdischarged from all hisduties.

3. C.P.(IB)/127(KB)2023 along with IA(I.B.C)/426(KB)2025 stands disposed of.

CmdeSiddharth Mishra BidishaBanerjee Member (Technical) Member (Judicial)

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