In the matter of Snehtango Food Products Pvt. Ltd.

National Company Law Tribunal30 November 2023

CitationIA(I.B.C)-1935(KB)2023 in C.P. (IB)-166(KB)2022

Ratio decidendi

The rule this decision rests on

The Adjudicating Authority 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 Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, where the application is made by the Resolution Professional, no Committee of Creditors has been constituted, and the Operational Creditor and Corporate Debtor have mutually settled the dispute and the Operational Creditor has submitted Form FA to the Interim Resolution Professional requesting withdrawal; in such a case the withdrawal application is allowed and the petition under Section 9 is dismissed as withdrawn.

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Judgment

As delivered

DIVISION BENCH O-222COURT - IINATIONAL COMPANY LAW TRIBUNALKOLKATA BENCHKOLKATAC.P. (IB)/166(KB)2022IA(I.B.C)/1935(KB)2023,CORAM: 1. HON’BLE MEMBER(J), SMT. BIDISHA BANERJEE2. HON’BLE MEMBER(T), SHRI ARVIND DEVANATHAN

ATTENDANCE-CUM-ORDER SHEET OF THE HEARING ON 30TH NOVEMBER, 2023, 10:30 A.M VICTORIA INTERNATIONAL PRIVATE LIMITED IN THE MATTER OF VS SNEHTANGO FOOD PRODUCTS PRIVATE LIMITED UNDER SECTION IBC UNDER SEC 9 Appearance (via video conferencing/physically) Ms. Tanvi Luhariwala, Adv. ] For the Resolution Professional Mr. Vaibhav Khandelwal, RP ]

O R D E R

1. Ld. Counsel for the Resolution Professional present. 2. IA(I.B.C)/1935(KB)2023: a. This IA has been filed by the Resolution Professional under Section 12A of IBC read with Rule 11 of the NCLT Rules, 2016 read with Regulation 30A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 for the following reliefs: i. The applicant requests the Hon’ble Adjudicating Authority to consider this withdrawal application for withdrawal of Corporate Insolvency Resolution Process and take the same on record. ii. The present application is being filed under Section 12A for withdrawal of Corporate Insolvency Resolution process against the Corporate Debtor. In the present case the Committee of Creditor (“COC”) has not been formed. The Operational Creditor and Corporate Debtor have mutually agreed to settle the dispute and the Form FA have been submitted to the Interim Resolution Professional by the Operational Creditor with a request to withdraw the CIRP process under Section

12A IBC, 2016 read along with Regulation 30A of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. b. In view of the above, we allow IA(I.B.C)/1935(KB)2023 and accordingly C.P. (IB)/166(KB)2022 is dismissed as withdrawn. c. It is submitted that documents would be handed over to the Corporate Debtor. Let the same be done.

Arvind Devanathan Bidisha Banerjee Member (Technical) Member (Judicial)

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