In the matter of Samarth Shriniwas Infra Private Limited

National Company Law Tribunal4 October 2023

CitationIA 4442-2023 in C.P. (IB)-427(MB)2022

Ratio decidendi

The rule this decision rests on

The Tribunal may permit withdrawal of a corporate insolvency resolution process under Section 12A of the Insolvency and Bankruptcy Code, 2016, read with Regulation 30A of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, where the Corporate Debtor has settled the dues of the applicant creditor, the applicant has filed an application in Form FA seeking withdrawal, and the Committee of Creditors has approved the withdrawal by a resolution passed with 100% voting share, and the statutory conditions for withdrawal are thereby satisfied.

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

Judgment

As delivered

NATIONAL COMPANY LAW TRIBUNALCOURT ROOM NO. 1,MUMBAI BENCHItem No. 3IA 4442/2023INC.P. (IB)/427(MB)2022CORAM:SH. PRABHAT KUMAR JUSTICE VIRENDRASINGH BISHT (Retd.)HON’BLE MEMBER (TECHNICAL) HON’BLE MEMBER (JUDICIAL)ORDER SHEET OF THE HEARING ON 09.10.2023NAME OF THE PARTIES: SAMATA NAGARI SAHKARIPATSANSTHA MARYADIT KOPARGAONVSSAMARTH SHRINIWAS INFRA PRIVATELIMITEDSection 12(A) OF THE INSOLVENCY AND BANKRUPTCY CODE, 2016ORDERIA 4442/2023

1. Ms. Vinita Shetty, Ld. Counsel for the Applicant present. 2. This is an Application filed by the RP under Section 12A of the Code r/w Regulation 30A of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations 2016, seeking prayer from this Bench for allowing withdrawal of CIRP process initiated against the Corporate Debtor vide order dated 10.02.2023. 3. The RP submits that the after the constitution of CoC, the Corporate Debtor has settled the dues of the Financial Creditor. Thereafter, the Financial Creditor vide email dated 02.09.2023 sent an application in Form FA for withdrawal of Company Petition. 4. Ld. Counsel for the RP submits that the COC in its 3rd Meeting held on 07.09.2023 with 100% voting have passed a resolution for withdrawal of CIRP of the Corporate Debtor. The RP also filed form FA. 5. Since the conditions for withdrawal for CIRP u/s 12(A) and regulation 30(A) of Insolvency and Bankruptcy Code Board of India (Insolvency Process for Corporate Persons) Regulations 2016 are complete, this Bench has no objection for withdrawal of CIRP. 6. Accordingly, the Corporate Debtor is brought out of the rigours of CIRP and the RP is directed to handover the charge of the Assets and Affairs of the Corporate Debtor back to the Suspended Members of the Board of Directors. RP is discharged from his duties. The Suspended Members of the Board shall ensure that due of the RP are cleared, if not done earlier. 7. File be consigned to the records. 8. IA 4442/2023 is allowed and disposed of. C.P. (IB)/427(MB)2022 is closed.

Sd/- Sd/- PRABHAT KUMAR JUSTICE VIRENDRASINGH BISHT MEMBER (TECHNICAL) MEMBER (JUDICIAL) /NP/

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