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Abhinav Agarwal Vs M/s Codeblue Clothingpvt Ltd

National Company Law Tribunal · Decided on 3 January 2024 · Citation: (2024) 01 NCLT CK 0018

HON’BLE JUDGES
Praveen Gupta, Member (J) · Rajeev Mehrotra, Member (T)
ACTS & SECTIONS REFERRED
Insolvency and Bankruptcy Code, 2016 — Section 12A
RESULT
Disposed Of
CASE NUMBER
IA No.680/2023 In CP (IB) No.46/ALD/2020
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Judgment

8 paragraphs · 341 words

IA NO.680/2023

Ld. Counsels representing the parties are present through VC.

1.

This application has been filed U/s 12A of the Code on behalf of the IRP seeking withdrawal of the main company petition bearing CP (IB) No.46/ALD/2020, in which the CIRP was triggered vide an order dated 21st December, 2023.

2.

It is averred in the application as well as also stated by the Ld. Counsel representing the IRP that after passing of the order by this Adjudicating Authority thereby initiating CIRP against the Corporate Debtor, the publication was made in the newspaper vide Form A inviting claims which is attached at page no.41, annexure no. A2. The last date as stipulated in the said publication for receiving the claims is 4th January, 2024, however, in the meantime i.e. on 26th December, 2023 a memorandum of settlement has been reached inter se between the Financial Creditor as well as the Corporate Debtor, whereby an amount of Rs.50lakh has been settled and paid to the Financial Creditor by the Corporate Debtor. The Form FA has also been executed on 26th December, 2023 which is placed at page no.49 of the present application.

3.

It is also further stated by the IRP that the CIRP cost including the publication expenses stands paid and the receipt to that effect is at page no. 50 annexure no. A4.

4.

There is also a representation on behalf of the Financial Creditor as well as the Corporate Debtor supporting withdrawal.

5.

In view of the averments made in the application and the statement made by the Ld. Counsel representing the IRP as well as the Ld. Counsel representing the Financial Creditor, the application is allowed and the main company petition bearing CP (IB) No.46/ALD/2020 is dismissed as withdrawn. IA No.680/2023 stands disposed off accordingly.

6.

Needless to mention that as a result of the withdrawal of the main company petition, all consequences including handing over of, the premises of the Corporate Debtor as well as all assets would be given back to the Corporate Debtor forthwith.