In the matter of Olive Telecommunication Private Ltd.
- CitationTP (Co. Act.)- 30(PB)/2024 Old CP No. 594/2015
Ratio decidendi
The rule this decision rests on
The Tribunal may allow the withdrawal of a corporate insolvency resolution process, and the discharge of the Resolution Professional together with the handover of the Corporate Debtor to its Suspended Board of Directors, where the Committee of Creditors has approved the withdrawal by 99.40% voting share and the CIRP costs have been remitted under Regulation 30A of the CIRP Regulations, such that the withdrawal is in the interest of justice.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
TP (Co. Act.)- 30(PB)/2024 Old CP No. 594/2015 c) Pass such other or further order(s) as this Hon’ble Tribunal may deem fit and proper in the facts and circumstances of the present case.”
2. This application has been preferred seeking withdrawal of the CIRP Process. Ld. Counsel for the Applicant submits that the withdrawal of the CIRP has been approved by the Committee of Creditors by 99.40% voting share, and the Operational Creditor has been fully remitted the CIRP costs of Rs. 2,36,720/- (Rupees Two Lakhs Thirty Six Thousand Seven Hundred and Twenty Rupees Only) up to 03.08.2026. He further submits that the CIRP cost thereafter till date shall also be paid by the Committee of Creditors as determined by the RP. There are no Financial Creditors and necessary compliances have been made as mentioned in paragraph no. 15 to 17, which are reproduced hereunder:
“15. That in compliance of the Regulation 30A of the CIRP Regulations, the CoC is required to issue a bank guarantee or a demand draft towards the expenses incurred by the Resolution professional for the costs relating to the corporate insolvency resolution process, for the purposes of clauses (aa), (ab), (ac), (ba), (c), (d) and (e) of regulation 31 (as applicable), till the date of filing of the application, as determined by the resolution professional ("CIRP Costs"). In accordance with said Regulation, the RP informed the CoC members about the costs incurred till the 03.08.2026 vide email dated 02.08.2026, wherein the complete details of the paid as well as unpaid CIRP costs incurred till 03.08.2026 were provided along with the proportionate share of contribution by the members of the CoC. It was informed to the CoC members that in accordance with Regulation 30A, the application by the RP shall be filed along with the prescribed Form FA to be prepared by the Resolution Professional and the said bank guarantee or demand TP (Co. Act.)- 30(PB)/2024 Old CP No. 594/2015 draft from the CoC members for their contribution towards the CIRP costs. Therefore, a request was made to the CoC members vide the said email dated 02.08.2026 to pay the unpaid CIRP costs calculated till 03.08.2026. A copy of the email dated 02.08.2026 along with expense calculation sheet as on 03.08.2026 are annexed herewith and marked as ANNEXURE A-6.
16. Accordingly, the Applicant, vide said email reminded the Operational Creditor to furnish the same, stating inter alia that "...the said form requires a bank guarantee or demand draft in accordance with Regulation 30A to be enclosed along with it.
17. Thereafter, the Operational Creditor remitted the unpaid CIRP cost computed as of 03.08.2026 amounting to Rs 2,36,720/- (Rupees Two Lakhs Thirty Six Thousand Seven Hundred and Twenty Rupees Only) and shared the copy of the payment acknowledgement vide email dated 04.08.2026. Accordingly, the Applicant has modified the entry in the prescribed Form FA, by stating therein that the unpaid CIRP costs till 03.08.2026 have been remitted by the CoC member, in place of annexure of the bank guarantee or the demand draft supporting the said payments, and it is prayed that the same may be allowed to be submitted at this stage of the filing of the application. It is submitted that the Operational Creditor has paid the CIRP Cost incurred by the Applicant computed assuming the date of filing as 03.08.2026. A copy of the FORM-FA is annexed herewith and marked as ANNEXURE A-7.”
3. After hearing the Ld. Counsel for the Applicant and perusing the application, we are of the considered view that as the withdrawal of the CIRP has been approved with 99.40% voting share by the Committee of Creditors, it would be in the TP (Co. Act.)- 30(PB)/2024 Old CP No. 594/2015 interest of justice if the application is allowed and the CIRP of M/s. Olive Telecommunication Pvt. Ltd. is withdrawn.
4. The Resolution Professional, Ms. Harmeet Kaur stands discharged from her duties and she is directed to hand over the charge of the Corporate Debtor to the Suspended Board of Directors.
5. The New CA-202/2026 is allowed and stands disposed of accordingly.
Sd/- (ANUPINDER SINGH GREWAL) PRESIDENT Sd/- (RAVINDRA CHATURVEDI) MEMBER (TECHNICAL) Vinod Arora
TP (Co. Act.)- 30(PB)/2024 Old CP No. 594/2015
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