In the matter of Sanchesz Helathcare Pvt. Ltd.
- CitationMA/164/KOB/2020 in IBA/55/KOB/2019
Ratio decidendi
The rule this decision rests on
The Tribunal may permit withdrawal of an application for initiation of the corporate insolvency resolution process under Section 12A of the Insolvency and Bankruptcy Code, 2016, on the application of the Resolution Professional, where the Committee of Creditors has resolved by 100% voting share to withdraw the process and the Financial Creditor has filed Form FA, the withdrawal being read with Regulation 30A of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 and Rule 11 of the NCLT Rules, 2016.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
Adv. Sankar P. Panicker ] Resolution Professional of ] Sanchesz Healthcare Pvt Ltd. ] Applicant Jaikunj, Chittoor Road, ] Kochi - 35 ] In the matter of M/s. Kerala State Industrial Development Corporation Ltd. ] Financial Creditor Vs. Sanchesz Healthcare Pvt Ltd ] Corporate Debtor
Parties/Counsel present: Counsel for the Applicant/IRP : Shri Sankar P. Panicker, RP appeared through VC
1. This order has arisen out of the M.A. filed under Section 12A of IBC 2016 read with Regulation 30A of the Insolvency and Bankruptcy Board of India (Insolvency resolution Process for Corporate Persons) Regulations, 2016
In IBA/55/KOB/2019 read with Rule 11 of NCLT Rules, 2016 by the Resolution Professional seeking withdrawal of IBA/55/KOB/2019.
2. Vide order dated 27.02.2020 in IBA/55/KOB/2019 this Tribunal admitted the application filed under Section 7 of the IBC, 2016, by Kerala State Industrial Development Corporation Ltd (Financial Creditor) against M/s Sanchesz Healthcare Pvt Ltd (Corporate Debtor). This Tribunal appointed the applicant as the Interim Resolution Professional.
3. The IRP has immediately proceeded to carry out the necessary functions and responsibilities stipulated by the Code. The Committee of Creditors was constituted on 12.03.2020. The first CoC meeting held on 21.05.2020 has appointed the IRP as RP.
4. The RP vide this MA submitted that the 3rd CoC meeting held on 15.10.2020 has resolved with 100% voting to withdraw the CIRP proceedings. The CoC has also resolved to make the payment of cost of CIRP to the account of RP.
5. Accordingly, based on the Form FA filed by the Financial Creditor and the resolution passed by the 3rd CoC to withdraw the CIR Process, the applicant/RP filed this MA praying withdrawal of IBA/55/KOB/2019 under Section 12A, read with regulation 30A of IBBI (Insolvency Resolution Processof Corporate Persons) Regulations 2016 read with Rule 11 of NCLT Rules 2016.
In IBA/55/KOB/2019 6. Heard the arguments made by the RP. After thoroughly perusing the records including Form FA as also the minutes of meeting of the 3rd CoC held on 15.10.2020, the following order is passed:
Order
In view of Section 12A application filed by the RP, the prayer for withdrawal of Corporate Insolvency Resolution Process against the Corporate Debtor M/s. Sanchesz Healthcare Private Ltd is allowed. IBA/55/KOB/2019 stands disposed of as withdrawn. No order as to costs.
Dated this the 4th day of November 2020.
Sd/- Ashok Kumar Borah Member (Judicial)
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