In the matter of Lexus Granito (India) Ltd.

National Company Law Tribunal28 November 2023

CitationIA/1347(AHM) 2023 in CP(IB) 763 of 2019

Ratio decidendi

The rule this decision rests on

Where a settlement between the operational creditor and the corporate debtor is filed in Form FA before the constitution of the committee of creditors, the Tribunal may close the Section 9 application as settled, discharge the interim resolution professional, and release the corporate debtor from the rigour of the Code, with the Board of Directors resuming management.

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

Judgment

As delivered

IN THE NATIONAL COMPANY LAW TRIBUNALAHMEDABADDIVISION BENCHCOURT - 1ITEM No 3- IA/1347(AHM) 2023InCP(IB) 763 of 2019Proceedings under Section 9 IBCIN THE MATTER OF:Fritta India Pvt Ltd ........ApplicantV/sLexus Granito (India) Ltd ........RespondentOrder delivered on: 28/11/2023Coram:Mr. Shammi Khan, Hon’ble Member(J)Mr. Sameer Kakar, Hon’ble Member(T)PRESENT:For the Applicant : Mr. Tanmay Banthia, Adv.For the Respondent :

ORDER IA/1347(AHM) 2023 This is an application filed for seeking following Reliefs:- a. BE PLEASED to allow and approve the withdrawal of the application bearing no. C.P. (I.B.) NO. 763 (AHM) OF 2019 titled 'Fritta India Private. Lexus Granito (India] Limited preferred under Section 9 of the 1&B Code, 2016 admitted on 31.10.2023, in light of the Settlement reached between the Operational Creditor and the Corporate Debtor. b. BE PLEASED to discharge the present Applicant from the duties of the Interim Resolution Professional of the Corporate Debtor. c. BE PLEASED to reinstate and restore back the powers of the suspended Board of Directors of the Corporate Debtor. d. BE PLEASED to pass ary such other order as this Hon'ble Tribunal may deem fit and proper in the interest of justice. It is stated that vide order dated 31.10.2023 in CP(IB) 763 of 2019, the CD was admitted to CIRP and the applicant herein was appointed as IRP in the matter It is stated that the settlement has been arrived between the applicant in the main CP and the corporate debtor. The Form FA is attached at page 34. It is seen that the Vinit date of the Form FA is 04.11.2023. Mr. Tanmay Banthia, appearing on behalf of the IRP, states that the entire fee and expenses of the IRP have been paid. Considering that the Form FA was received before the formation of CoC, CP (IB) 763 of 2019 is hereby closed as settled and the IRP is discharged from the assignment. The company to function henceforth through its Board of Directors. The corporate debtor is released from the rigor of the law. Accordingly, IA/1347(AHM) 2023 is allowed and disposed off. ¶ -sd- -sd- SAMEER KAKAR SHAMMI KHAN MEMBER (TECHNICAL) MEMBER (JUDICIAL)

Vinit

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