Sujit Kumar Singh vs Bansal Industries & Anr
- CitationCompany Appeal (AT) (Insolvency) No. 921 of 2022
Ratio decidendi
The rule this decision rests on
The Appellate Tribunal permitted the appellant to withdraw the appeal against admission of the Section 9 application and to instead move the Adjudicating Authority under Section 12A, with the approval of the Committee of Creditors, for withdrawal of the CIRP on the basis of a settlement; the reasoning consists only of the direction to proceed by that route, and no principle is laid down beyond that procedural disposal.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
Sujit Kumar Singh ...Appellant
Versus
Bansal Industries & Anr. ...Respondents
Present: For Appellant: Mr. Lovelesh Gautam and Mr. Ashok Kumar Singh, Advocates. For Respondents: Mr. Saikat Sarkar and Mr. Saurav Jain, Advocates for RP. Mr. Pallav Mongia, Advocate for R-2.
ORDER
12.09.2022: Heard learned counsel for the parties as well as the IRP.
This Appeal has been filed against order dated 28.06.2022 by which
application under Section 9 filed by 'Bansal Industries' has been admitted.
The Suspended Director of the Corporate Debtor has come up in this Appeal
challenging the order of admission.
2. It is submitted by learned counsel for the Appellant that a Settlement
has been entered between the parties, which submission is not denied by the
learned counsel appearing for the Operational Creditor. Learned counsel for
the IPR submits that the CoC having been constituted the application has to
Cont'd.../ 2
be filed under Section 12A before the Adjudicating Authority for withdrawal
of the CIRP.
3. In view of the aforesaid, we permit the Appellant to withdraw this Appeal
and file appropriate application under Section 12A alongwith the approval of
the CoC, which may be considered and appropriate orders be passed by the
Adjudicating Authority. With the aforesaid observations, Appeal is permitted
to be withdrawn. Appeal stands disposed of.
[Justice Ashok Bhushan] Chairperson
[Barun Mitra] Member (Technical) Archana/nn
Company Appeal (AT) (Insolvency) No. 921 of 2022
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