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in the matter of Valtrom Technologies Pvt. Ltd.

National Company Law Tribunal24 July 2023

Ratio decidendi

The rule this decision rests on

The Tribunal allowed withdrawal of the insolvency application under Section 12A of the Insolvency and Bankruptcy Code, 2016, on the basis that the applicant's application was supported by a Committee of Creditors resolution approving the settlement with 100% voting share, and the sole financial creditor confirmed that the claim had been settled; on that basis the application was dismissed as withdrawn and the Corporate Debtor released from the CIRP.

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

Judgment

As delivered

IN THE NATIONAL COMPANY LAW TRIBUNAL, NEW DELHI COURT-V (Division Bench) Item No.-507 IB-334/ND/2020 IA/3465/2023, IA/2836/2023 IN THE MATTER OF: Supernova Tech Craft Engineering Overseas Ltd. ….Applicant Vs. Valtrom Technologies Pvt. Ltd. …..Respondent SECTION U/s 9 IBC Order delivered on 24.07.2023 CORAM: SHRI MAHENDRA KHANDELWAL, HON’BLE MEMBER (JUDICIAL) SHRI RAHUL BHATNAGAR, HON’BLE MEMBER (TECHNICAL) PRESENT: For the Applicant : For the Respondent : For the IRP : Mr. Vinod Chaurasia, Mr. Satish For the Union Bank : Mr. UN Singh, Adv. India ORDER IA/3465/2023:- The status report is taken on record. The present application i.e. IA/3465/2023 is disposed off. IA/2836/2023:- This is an application filed by the IRP under Section 12A of the IBC, 2016 seeking withdrawal of the IB-334/ND/2020 on the ground that both the parties (Operational Creditor and Corporate Debtor) have settled the matter. Vide order dated 22.05.2023, this Adjudicating Authority issued notice to the Financial Creditor i.e Union Bank of India for filing their reply. Pursuant

Amit Tiwari 24.07.2023 thereto, the new IA/3465/2023 has been filed by the IRP along with an affidavit stated that after the order dated 22.05.2023, CoC was constituted and Union Bank of India was the only single member of the CoC. The said CoC in its meeting dated 06.07.2023 resolved by 100% voting, for giving permission to allowing filing of Section 12A application. Ld. Counsel on behalf of Union Bank of India and Mr. Vinod Kumar Sondhi, Chief Manager, Union Bank of India is present and submitted that the matter has been settled with the Corporate Debtor in respect of the claim of the Financial Creditor. In view of the above, liberty is granted for withdrawal of IB-334/ND/2020 in terms of Section 12A of the IBC, 2016. The same is dismissed as withdrawn. IA is allowed. All papers may be consigned to the record room. Resolution Professional is also discharge from their duties and Corporate Debtor is released from the CIRP. Copy of the order may also forward to the RoC and IBBI for necessary action.

S/d- S/d- (RAHUL BHATNAGAR) (MAHENDRA KHANDELWAL) MEMBER (T) MEMBER (J)

Amit Tiwari 24.07.2023

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