In the matter of Takshashila Corporation LLP

National Company Law Tribunal20 October 2023

CitationIA/1192(AHM) 2023 in C.P.(IB)-17(AHM)2023

Ratio decidendi

The rule this decision rests on

The Tribunal may permit withdrawal under Section 12A of the Insolvency and Bankruptcy Code, 2016, read with Regulation 30A of the CIRP Regulations, of an admitted Section 7 application at a stage before the Committee of Creditors is constituted, where the applicant financial creditor has received its entire dues under a settlement, has issued a no-dues certificate, and the Interim Resolution Professional confirms that his fees and expenses have been fully paid and nothing remains outstanding.

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

Judgment

As delivered

IN THE NATIONAL COMPANY LAW TRIBUNALAHMEDABADDIVISION BENCHCOURT - 1ITEM No.12- IA/1192(AHM) 2023InC.P.(IB)/17(AHM)2023Proceedings under Section 7 IBCIN THE MATTER OF:Elate Investments And Holdings Pvt Ltd ........ApplicantV/sTakshashila Corporation LLP ........RespondentOrder delivered on: 20/10/2023Coram:Mr. Shammi Khan, Hon’ble Member(J)Mr. Sameer Kakar, Hon’ble Member(T)PRESENT:For the Applicant : Mr. Priyank Dave, Adv.: Mr. Jaimin Dave, Adv. a/w. Ms. Hirva Dave, Adv.For the Respondent :

ORDER IA/1192(AHM) 2023 This is an application filed by the applicant/IRP U/s 12A of the IBC, 2016, R/w Regulation 30(A) of IBBI (Insolvency Resolution Process For Corporate Debtor) Regulation, 2016 with a prayer to withdraw the C.P.(IB) 17(AHM) 2023, which was admitted by this Tribunal vide order dated 04.10.2023, whereby the corporate debtor was ordered for the CIRP and the applicant herein was appointed as IRP in the matter. Learned Counsel for the Applicant/IRP submitted that as per Settlement Deed dated 13.10.2023 attached at page No. 28, the financial creditor at whose instance the CIRP process was initiated, has received the entire dues and no dues certificate has been issued which is annexed at page no.26 as Annexure-B dated 13.10.2023. Further, Form-FA issued by the applicant in the said CP is also annexed at page No. 42 as Annexure-C. Ld. Counsel, for the Applicant/IRP, states that IRP has also received his entire dues of the CIRP and nothing is outstanding.

Vinit

In view of the above, we allow the present application as the CoC has yet not been constituted. The order of CIRP dated 04.10.2023 passed in C.P.(IB) 17(AHM) 2023 filed U/s 7 of the IBC, 2016 is hereby withdrawn and corporate debtor is released from the rigour of law. The company to function with its own board of directors. Further, the IRP is released from the assignment. Accordingly, IA/1192(AHM) 2023 is is allowed and disposed off.

-sd- -sd- SAMEER KAKAR SHAMMI KHAN MEMBER (TECHNICAL) MEMBER (JUDICIAL)

Vinit

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