CourtKutchehry.com
Tribunals and CommissionsDivision Bench

Smaran Enterprises LLP vs Orasi Technology (India) Pvt. Ltd.

National Company Law Tribunal · Decided on 10 February 2021 · Citation: (2021) 02 NCLT CK 0083

HON’BLE JUDGES
Suchitra Kanuparthi, J · Rajesh Sharma, Member (Technical)
ACTS & SECTIONS REFERRED
Insolvency And Bankruptcy Code, 2016 — Section 12A
RESULT
Allowed/Dismissed
CASE NUMBER
Interlocutory Appeal No. 92 Of 2021 In Company Petition No. (IB)-2430(MB) Of 2019
Ask AI about this case

AI Structured Summary

Not yet generated for this judgment

No AI summary yet

Generate an eight-section analysis of this judgment — facts, issues, reasoning, ratio and a plain-language gist.

Judgment

10 paragraphs · 371 words

The Court is convened through Video Conference.

1.

Nimisha Rathod, Ld. Counsel for the Petitioner present.

2.

This is an Application filed under Section 12A of IBC by the Resolution Professional (RP) for the withdrawal of CIRP initiated against the Corporate Debtor vide an admission order dated 01.01.2020 by this Tribunal.

3.

The Counsel submits that the Consent Terms have been drawn up between the parties on 26.10.2020 as the matter has been amicably settled amongst them. The Committee of Creditors (CoC) in its meeting held on 28.10.2020 has approved the withdrawal of the CIRP against the Corporate Debtor with 100% voting, having Resolution passed as follows:

"Resolved that in view of settlement agreement reached between Financial Creditor M/s. Smaran Enterprises LLP and Orasi Technology (India) Pvt. Ltd. and the deed of settlement dated 26.10.2020 which was placed before the meeting be and is hereby approved along with consideration of Bank of India, Mahalaxmi Branch, financial creditor placing before their OTS(One Time Settlement) letter dated 17.10.2020."

"Resolved Further that Mr. Rajkumar Mahto, Resolution Professional, be and is hereby authorised to initiate application for withdrawal under Section 12A of Insolvency and Bankruptcy Code, 2016 (IBC) and to do all necessary acts, deeds in this regard."

"Resolved Further that Smaran Enterprises LLP shall do all needful support the Resolution Professional in withdrawing the application under Section 12A of the IBC, 2016."

4.

The Application under Section 12A has been filed by the RP as authorised by CoC and the Counsel for the RP also submits that the fee of the RP has been paid in full and the same has been recorded in the minutes of the CoC meeting held on 28.10.2020. Form FA is also filed along with the 12A Application.

5.

In view of the above resolution of the CoC, settlement agreement reached between parties and further that CoC has authorised RP to file this present application, this Bench hereby allows the withdrawal of the CIRP against the Corporate Debtor, the Corporate Debtor is released from the rigor of CIRP and erstwhile board is reinstated to the board of Corporate Debtor.

7.

With the above directions, IA-92/2021 is allowed and CP(IB)-2430(MB)/2019 is dismissed as withdrawn. File to be consigned to records.