In the matter of Macin Remedies India Ltd.
- CitationIA No. 1639-2023 in CP(IB) No. 228-Chd-Pb-2020
Ratio decidendi
The rule this decision rests on
The Tribunal may allow the withdrawal of a company petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, after its admission and the commencement of the corporate insolvency resolution process, where the application is made under Section 12A read with Regulation 30A(3) of the CIRP Regulations and is supported by a settlement between the parties, the settlement being recorded in a memorandum of settlement and accompanied by Form A. Upon allowing such withdrawal and dismissing the petition as withdrawn, the moratorium under Section 14 of the Code ceases to operate, the corporate debtor is discharged from the claims that were the subject of the petition, the Interim Resolution Professional stands 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
Present: Mr. Raghav Kakkar, Advocate for the applicant-IRP in IA No. 1639/23
In compliance of the order dated 27.07.2023, learned counsel for the applicant-IRP has filed the affidavit vide diary No. 02433/01 dated 02.08.2023 along with copy of the memorandum of settlement dated 05.06.2023. The same are taken on record. The present application has been filed under Section 12A of the IBC, 2016 read with Regulation 30A(3) of the Insolvency and Bankruptcy Board of India (Insolvency and Bankruptcy Resolution Process for Corporate Persons) Regulations 2016 for withdrawal of Company Petition admitted for initiation of CIRP of the corporate debtor vide order dated 04.07.2023. It is stated by learned counsel for the Interim Resolution Professional that the Ld. National Company Law Appellate Tribunal in the case of Mr. K.C. Sanjeev Vs. Mr. Easwara Pillai Kesavan Nair highlighted the role of the IRP for withdrawal of the company petition as per the underlying provisions of the Code. Copy of settlement deed along with Form A has also been placed on record.
Heard, keeping in view the facts and circumstances mentioned in the application and in view of the submissions made by learned counsel for the Interim Resolution Professional, IA No.1639/23 filed for withdrawal of CP(IB) No.228/Chd/Pb/2020 is allowed and CP (IB) No.228/Chd/Pb/2020 is dismissed as withdrawn.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 rigours of the Code and Regulations made thereunder. Henceforth, the IRP is discharged and the Board of Directors is restored to its original position. Thus, IA No.1639/23 is disposed of.
Sd/- Sd/- (Subrata Kumar Dash) (Harnam Singh Thakur) Member (Technical) Member (Judicial)
August 08, 2023 PKA
This page reproduces a public judgment and a summary of it. It is research material, not legal advice, and it is no substitute for advice from an advocate on your own facts.
Research this judgment with Miss Lucy
Ask what it holds, what has followed it, and what it means for your matter — in plain English, with the citations.
Try Miss Lucy free