In the matter of Pricomm Media Distribution Ventures Pvt. Ltd.
- CitationCP(IB)-246(MB)/C-III/2022
Ratio decidendi
The rule this decision rests on
The Adjudicating Authority may permit withdrawal of an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 under Section 12-A where the Committee of Creditors has approved the withdrawal by one hundred per cent voting and the withdrawal is supported by the requisite documents, including Form FA and the minutes of the Committee meeting, and where the settled default amount has been paid to the financial creditor such that a No Due Certificate has been issued; upon such withdrawal being allowed, the corporate insolvency resolution process stands closed and the corporate debtor is released from its rigours.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
NAME OF THE PARTIES : Indiabulls Housing Finance Limited Vs. Pricomm Media Distribution Ventures Private limited Appearance For RP : Mr. Ravi Prakash Ganti (present in person) For Respondent : Adv. Nakul Jain a/w Adv. Subham Naik i/b ANB Legal R-2, & R-3 SECTION 7 OF THE IBC 2016 ORDER I.A. (I.B.C)/3643 (MB)2025 1. This application has been filed by the RP under Section 12-A of IBC. Form FA dated 10.07.2025 has been annexed to the application as Annexure G duly signed by the Financial Creditor namely ARCIL. The CoC consisted of the said sole COC member. Therefore, the CoC with 100 per cent voting has approved the withdrawal of the CP in the 12th CoC meeting held on 15.07.2025. Minutes of the 12th CoC meeting is annexed to the application as ‘Annexure H’ (pages 92 to 94). Default amount is Rs. 2,60,98,26,700 (as per the admission order). 2. It is submitted that the settlement involved various groups companies and the settlement amount was Rs. 96.86 crores. The Financial
Creditor was paid on different dates and on 13.05.2025, an amount of Rs. 31.17 crores was balance to be paid. It is recorded in the order of Hon’ble NCLAT dated 13.05.2025 that a sum of Rs. 31.17 crores in toto has to be paid by the CD, which was also paid by way of demand draft during the course of hearing before Hon’ble NCLAT. Thus, the entire settled amount stood paid to the Financial Creditor. 3. Ld. Counsel for the Financial Creditor submits that on 16.05.2025, they issued No Due Certificate to the Corporate Debtor. Accordingly, the requirement of Section 12-A of IBC are satisfied. Accordingly, the Prayer ‘a’ is allowed. The CIRP process is closed and the CD is released from the rigours of CIRP. 4. Only Prayer ‘b’ pertaining to the fee of RP is pending for consideration. 5. List on 17.12.2025 for hearing on prayer ‘b’.
Sd/- Sd/- HARIHARAN NEELAKANTA IYER LAKSHMI GURUNG Member (Technical) Member (Judicial) ---Sarfraz--
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