In the matter of J.R.D. International Ltd.
- CitationIA No. 2158-23 in CP(IB) No. 196-Chd-Pb-2019
Ratio decidendi
The rule this decision rests on
Where a sole operational creditor, who is also the only member of the committee of creditors, files a Form-FA and states that the petition has been settled and no dues remain, the Tribunal may allow withdrawal of the insolvency petition under Section 12A of the Code read with Regulation 30A of the CIRP Regulations, dismissing the petition as withdrawn, and upon such dismissal the moratorium under Section 14 ceases, the corporate debtor is discharged from the claims in the petition, the interim resolution professional is discharged, and the board of directors is restored to its original position.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
THE NATIONAL COMPANY LAW TRIBUNAL COURT-I, CHANDIGARH BENCH, CHANDIGARH Item 4 IA No. 2158/23 In CP(IB) No. 196/Chd/Pb/2019 (Admitted) Under Section 9 & 12A, IBC 2016 In the matter of:- Sachin Garg Prop. Deepak Traders ...Petitioner/ Operational Creditor Vs. J.R.D. International Ltd. ...Respondent/ Corporate Debtor Present: Mr. Jatin Singhal, PCS for the applicant-IRP in IA No. 2158/2023. IA No. 2158/2023 The present application has been filed by the IRP under Section 12A of the Code read with Regulation 30A of the CIRP Regulations for withdrawal of CP(IB) No. 196/Chd/Pb/2019 in which the CIRP against the Corporate Debtor was initiated vide order dated 12.06.2023. It is stated by learned PCS for the applicant that in principal, email for withdrawal of CIRP was received in first meeting but no signed document was received in the said first meeting held on 05.08.2023. Later on, Form-FA signed on 19.07.2023 was received by the IRP, so, this application was moved. It is stated by learned PCS for the applicant that as per Form-FA, it was stated by the sole Operational Creditor that the main CP bearing CP(IB) No. 196/Chd/Pb/2019 be withdrawn as the matter is settled between the parties and no dues are pending. It is further stated by learned PCS for the applicant that no dues of the IRP are even pending. CoC was constituted but the sole Operational Creditor was the only member of CoC. Keeping in view the facts and circumstances mentioned in the application, IA No. 2158/2023 is allowed and CP(IB) No. 196/Chd/Pb/2019 is dismissed as withdrawn. As a consequence, moratorium declared under Section 14 of the Code comes to an end and the Corporate Debtor is discharged from the claims in lieu of the said petition and is free from the rigors of the CIR Process and Regulations made thereunder. Henceforth, the IRP is discharged and the Board of Directors is restored to its original position. Thus, IA No. 2158/2023 is disposed of accordingly.
-sd- -sd- (Subrata Kumar Dash) (Harnam Singh Thakur) Member (Technical) Member (Judicial) September 19, 2023 SM
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