In the matter of SIMPEX SAFETY & APPARELS LLP
- CitationC.P (IB) No. 80/KB/2020
Ratio decidendi
The rule this decision rests on
The Tribunal may permit withdrawal of an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 after admission, and dismiss the petition as withdrawn, where the decision to withdraw has been approved by 100% of the Committee of Creditors and a settlement agreement has been executed and Form FA received. Where the withdrawal of the Section 9 petition has been permitted and the petition dismissed as withdrawn, an application seeking cooperation of the suspended board and connected persons for the corporate insolvency resolution process, premised on that petition, becomes infructuous and is disposed of accordingly.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
IN THE NATIONAL COMPANY LAW TRIBUNAL DIVISION BENCH, COURT NO. II KOLKATA I.A. No. 486/KB/2023 I.A. No. 664/KB/2022 In CP(IB)No. 80/KB/2020 An application under Rule 11 of the National Company Law Tribunal Rules, 2016 read with Section 12A of the Insolvency and Bankruptcy Code, 2016. I.A. No. 486/KB/2023 IN THE MATTER OF: PLB Logistics Private Limited … Operational Creditor Versus Simpex Safety & Apparels LLP … Corporate Debtors (In CIRP) I.A. No. 664/KB/2022 IN THE MATTER OF: Rachana Agarwal, Interim Resolution Professional of Simpex Safety & Apparels LLP … Applicant Versus Akash Das and Another … Respondents Date of Pronouncement: 28th June, 2024 CORAM: SMT. BIDISHA BANERJEE, MEMBER (JUDICIAL) SHRI. D. ARVIND, MEMBER (TECHNICAL)
APPEARANCE: None appeared
DIVISION BENCH, COURT NO. II KOLKATA I.A. No. 486/KB/2023 I.A. No. 664/KB/2022 C.P.(IB) No. 80/KB/2020 ORDER Per: D. Arvind, Member (Technical): 1. The Court congregated through hybrid mode. I.A. No. 486/KB/2023: 2. This application has been filed by Mrs. Rachana Agarwal (hereinafter referred as “RP/Applicant”) seeking to withdraw the application filed under Section 9 of IBC by PLB Logistics Private Limited (hereinafter referred as “Operational Creditor”).
3. Ld. Counsel appearing for the applicant brings to our notice the Item No. 3 of the 5th CoC meeting held on 09.11.2022, wherein it has been resolved that CoC will withdraw its application filed under Section 9 of IBC. The settlement agreement has also been executed on 15.12.2022 and Form- FA has also been received on 15.12.2022.
4. We find no objection to this application and accordingly, the Order dated 18.05.2022, passed by the Bench in C.P. No. 80/KB/2020 is recalled and CP is dismissed as withdrawn having noted that the decision for withdrawal has been made with 100% majority of CoC.
5. Accordingly, this I.A. No. 486/KB/2023 is allowed.
I.A. No. 664/KB/2022: 6. This application has been preferred by Rachana Agarwal, Interim Resolution Professional of the Corporate Debtor, Simpex Safety Apparels LLP seeking cooperation of Suspended Board and other connected persons for the purpose of Corporate Insolvency Resolution Process of the Corporate Debtor has become infructuous as application filed for initiating CIRP by the Operational Creditor
DIVISION BENCH, COURT NO. II KOLKATA I.A. No. 486/KB/2023 I.A. No. 664/KB/2022 C.P.(IB) No. 80/KB/2020 PLB Logistics Private Limited has chosen to withdraw the application filed under Section 9 of IBC.
7. It has been recorded in Para 4 of our Order in I.A. No. 486/KB/2023 in which C.P. No. 80/KB/2020 has been allowed to be withdrawn with 100% majority of CoC.
8. Therefore, this application has become infructuous and accordingly, I.A. No. 664/KB/2022 is disposed of.
9. Certified copy of this order, if applied for with the Registry be supplied to the parties in compliance with all requisite formalities.
D. Arvind Bidisha Banerjee Member (Technical) Member (Judicial)
Signed on this, the 28th day of June, 2024. PH(PS)
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