In the matter of Lav Laxmi Land Developers Pvt. Ltd.
- CitationIA No.453-2023 in CP (IB) No. 265-ALD-2019
Ratio decidendi
The rule this decision rests on
The Tribunal may permit withdrawal of an application under Section 9 of the Code, on an application under Section 12A, where the Operational Creditor and the Corporate Debtor have reached a settlement, no claims have been received by the Interim Resolution Professional following the invitation of claims, and the CIRP costs and the fees of the Interim Resolution Professional have been paid so that no amount remains outstanding to him.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
DIVISION BENCH ITEM NO. 1 NATIONAL COMPANY LAW TRIBUNAL ALLAHABAD BENCH PRAYAGRAJ IA No.453/2023 IN CP (IB) No. 265/ALD/2019 CORAM: 1. SHRI PRAVEEN GUPTA, HON’BLE MEMBER (JUDICIAL) 2. SHRI ASHISH VERMA, HON’BLE MEMBER (TECHNICAL) Date of Order: 22nd September, 2023 Attendance-Cum-Order Sheet of the Hearing. NAME OF THE COMPANY NLDK TIMBERS PVT LTD V/S LAV LAXMI LAND DEVELOPERS PVT LTD UNDER SECTION 9 IBC (in CIRP) COUNSEL APPEARED THROUGH PHYSICAL/ VIRTUAL HEARING: Sh. Aman Bhalla, Adv. : For the Applicant/CoC Mr. Rakesh Kumar Jindal present in person in IA No.453/2023 Sh. Abhinav Mehrotra, Adv. : For the Corporate Debtor ORDER IA No.453/2023 1. This application has been filed under Section 12A of the Code, for withdrawal of the main Company Petition CP No.265/ALD/2019, filed by the Operational Creditor against the Corporate Debtor. 2. As per the order dated 1st September, 2023, the Corporate Debtor was admitted to CIRP and thereafter, the IRP who is present in person through VC states that he has invited claims by issuing requisite advertisements and there were no claims received by him. Meanwhile, a settlement was reached between the Operational Creditor and the Corporate Debtor as per the settlement agreement dated 11st September, 2023, a copy of which has also been attached as Annexure B at Page no. 14 - 17 of the present application. The IRP further states that till today, no claims have been received and therefore, the present application filed under Section 12A may kindly be allowed.
3. We have perused the averments made in the application as well as the oral submissions made by the Ld. Counsel representing the IRP as well as IRP in person. In view of the settlement dated 11th September, 2023, the present application deserves to be allowed particularly in the light of the fact that there are no claims received so far. The main petition therefore, is dismissed as withdrawn. Accordingly, IA No.453/2023 stands disposed off. 4. It is also to be noted that as per para 5 at page 5 of the settlement, the entire CIRP cost as well as the fees towards the IRP has also been paid and therefore, no amount remains outstanding due and/or payable in this regard to the IRP.
-Sd- -Sd- (Ashish Verma) (Praveen Gupta) Member (Technical) Member (Judicial) 22nd September, 2023 Bipul Kumar Tiwari (Stenographer)
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