In the matter of Laxmi Engineering Industries (bhopal) Private Limited
- CitationIA/331(MP)2024 IN C.P.(IB)/8(MP)2022
Ratio decidendi
The rule this decision rests on
The Adjudicating Authority may extend the CIRP period beyond 270 days on an application under Section 60(5) read with Rule 11 of the NCLT Rules, 2016, where the Tribunal is satisfied on the pleadings and submissions that the extension is warranted to complete the CIRP; the extension is granted here for a further 45 days. An application under Section 12A of the IBC read with Regulation 30A of the CIRP Regulations, seeking withdrawal of the CIRP on the ground that the Financial Creditor has made payment, may be allowed by the Adjudicating Authority after considering the facts and submissions, whereupon the CIRP stands terminated, the Corporate Debtor is freed from the CIRP, control is to be handed back by the Resolution Professional to the Suspended Management, and pending applications in the main petition are treated as infructuous.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
NATIONAL COMPANY LAW TRIBUNAL INDORE BENCH COURT NO. 1 ITEM Nos.107 to 109 ITEM No.107-IA/268(MP)2024 ITEM No.108-IA/330(MP)2024 ITEM No.109-IA/331(MP)2024 in C.P.(IB)/8(MP)2022 Proceedings under Section 7 IBC IN THE MATTER OF: Canara Bank ........Applicant V/s Laxmi Engineering Industries (Bhopal) Pvt Ltd ........Respondent Order delivered on 23/07/2024 Coram: Chitra Ram Hankare, Hon’ble Member(J) Kaushalendra Kumar Singh, Hon’ble Member(T) PRESENT: For the Applicant/RP : Ld. Adv. Mr. Madhav Lahoti (Physical) a.w. Ld. PCA Ms. Teena Saraswat Pandey (Online) (RP-in-person) For the Respondent/CD : Ld. Adv. Mr. Rushil Shukla (Physical) ORDER IA/268(MP)2024, IA/330(MP)2024 & IA/331(MP)2024 IA/268(MP)2024 This is an application filed by the RP under Section 60(5) of the IBC, 2016 r.w. Rule 11 of NCLT Rules, 2016 seeking another 45 days’ extension in the CIRP period after the expiry of 270 days. We have heard learned counsel, Mr. Madhav Lahoti appearing for the RP as well as learned RP, Ms. Teena Saraswat Pandey. Keeping in view the submissions made by the learned counsel as well as the pleadings in the application, we allow 45 days’ extension to complete the CIRP proceedings. With this, IA/268(MP)2024 stands allowed as prayed and disposed of. IA/330(MP)2024 This is an application filed by the RP under Section 60(5) of the IBC, 2016 r.w. Rule 11 of the NCLT Rules, 2016 for urgent hearing of IA/268(MP)2024 in C.P.(IB)/8(MP)2022 from 23.07.2024 to 08.07.2024.
We have heard learned counsel, Mr. Madhav Lahoti appearing for the RP as well as learned RP, Ms. Teena Saraswat Pandey. As the IA/268(MP)2024 is decided today, this application becomes infructuous. With this, IA/330(MP)2024 stands disposed of as infructuous.
IA/331(MP)2024 This is an application filed by the RP under Section 12A of the IBC, 2016 r.w. Regulations 30A(B) of the IBBI for withdrawal of the CIRP of the Corporate Debtor - M/s Laxmi Engineering Industries (Bhopal) Pvt Ltd. We have heard learned counsel, Mr. Madhav Lahoti appearing for the RP as well as learned RP, Ms. Teena Saraswat Pandey. Learned counsel for the RP submits that the payments have been made by the Financial Creditor, hence, he seeks permission from this Adjudicating Authority to withdraw the CIRP of the Corporate Debtor i.e., M/s Laxmi Engineering Industries (Bhopal) Pvt Ltd which was initiated vide order dated 28.07.2023. After considering the facts and the submissions made by the learned counsel for the RP, we allow this application and thereby the CIRP is terminated. The Corporate Debtor is free from the rigours of the CIRP. The control over the Corporate Debtor should be handed over by the RP to the Suspended Management of the Corporate Debtor. The CIRP initiated in the main petition i.e., C.P.(IB)/8(MP)2022 stands closed. Any pending applications relating to this main petition shall be treated as infructuous and disposed of. With these observations, IA/331(MP)2024 stands allowed as prayed and disposed of. Sd/- Sd/- KAUSHALENDRA KUMAR SINGH CHITRA RAM HANKARE MEMBER (TECHNICAL) MEMBER (JUDICIAL) Tomar
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