In the matter of Welby Farms Private Limited
- CitationI.A. 4325-2023 in C.P.(IB)-503(MB)-2023
Ratio decidendi
The rule this decision rests on
The Tribunal may permit withdrawal of a corporate insolvency resolution process under Section 12A of the Code, read with Regulation 30A of the CIRP Regulations, on an application by the Interim Resolution Professional where the financial creditor has settled with the corporate debtor and has submitted a Form FA withdrawal application, and where no committee of creditors has been constituted, so that its approval is not required; upon such withdrawal the CIRP order is set aside, the corporate debtor is released from the moratorium, and all pending interlocutory applications stand disposed of with the main petition.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
NATIONAL COMPANY LAW TRIBUNAL, MUMBAI BENCH COURT II 120. 1.A. 4325/2023 IN C.P.(IB)-503(MB) /2023 CORAM: MS. LAKSHMI GURUNG, MEMBER (J) SH. CHARANJEET SINGH GULATI, MEMBER (T) ORDER MSEET OF THE HEARING OF MUMBAI BENCH OF THE NATIONAL 15.01.2024 COMPANY LAW TRIBUNAL ON Vyoman India Private Limited NAME OF THE PARTIES: V/s. Welby Farms Private Limited. SECTION 7 OF IBC, 2016 ORDER HEARING THROUGH: VC AND PHYSICAL (HYBRID) MODE I.A. 4325/2023 1. Mr. Amit Tungare for the Applicant is present through VC. This matter is taken up upon mentioning. 2. This application has been filed by the Interim Resolution Professional under Section 12A read with Regulation 30A of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 for withdrawal of the CIRP initiated against the Corporate Debtor. 3. The Company Petition No. 503/2023 was filed by the Financial Creditor against the Corporate Debtor under Section 7 of the Code and the same was admitted vide order dated 28.07.2023. Thereafter, public announcement was made on 12.08.2023 and the appointed as Interim Resolution Professional. 4. It is submitted that on 22.08.2023, the matter has been settled between the Corporate Debtor and Financial Creditor. ThÁxeafter on 28.08.2023, the Applicant also received Form - FA (i.e., Application for Withdrawal of Corporate Insolvency Resolution Process) from the Financial Creditor under Regulation 30A of the CIRP Regulations, since the COC is not constituted, the approval of the COC is not requited. 5. After hearing the submissions of the applicant and upon going through the averments made in the application, this bench feels that this is fit case for allowing the application. Accordingly, the above application is allowed and the CIRP order dated 28.07.2023 passed against the Corporate Debtor stands withdrawn by relieving the Corporate Debtor from all the rigorous of moratorium. 6. In view of withdrawal of the main company petition, all pending 1.A's and M.A's if any also shall stands disposed of.
Sd/ S£/ LAKSHMI GURUNG CHARANJEET SINGH GULATI Member (Judicial) Member (Technical) /RKS/ Certified True Copy. OMIANuNYTR IRUMA Date of Applicatioan,1.. ll2024 Numher of Pac s Fee Pzi R... oh3lal24 Appliatc ileif orcol.ccion cy MUMBA IEN Cupy' edco.
Depúty Kegistrar Nationai Ccmpa:y Law Tribunal, Mumbai Bench
This page reproduces a public judgment and a summary of it. It is research material, not legal advice, and it is no substitute for advice from an advocate on your own facts.
Research this judgment with Miss Lucy
Ask what it holds, what has followed it, and what it means for your matter — in plain English, with the citations.
Try Miss Lucy free