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Judgment
O R D E R
Per: Justice Rakesh Kumar Jain (Oral)
This appeal is directed against the order dated 13th December, 2019, passed by the National Company Law Tribunal, Kolkata Bench (hereinafter referred as to ‘the Adjudicating Authority’) by which an application bearing CP(IB) No. 482/KB/2018 filed by the Financial Creditor (Allahabad Bank) under Section 7 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred as to ‘The Code’) against the Corporate Debtor (M/s.Kaaiser Oils Pvt. Ltd.) for the resolution of a debt of Rs. 71,66,22,658/-, was admitted and Saurabh Basu was appointed as IRP.
During the pendency of this appeal, on 27.03.2023, the Sole Member of the CoC gave his consent for settlement on the basis of One Time Settlement (OTS). The OTS amount was subsequently paid and in this regard the Indian bank issued a letter to the Corporate Debtor in which the following averments have been made:
The RP has filed an application bearing IA No. 2864 of 2023 under Rule 11 of the NCLAT Rules, 2016 for closure of Corporate Insolvency Resolution Process (CIRP) in terms of the settlement arrived at between the parties and also recorded in the minutes of the CoC. In this application, counsel for the RP has pointed out that the CoC had passed the resolution on 23.05.2023 which read as under:
“The CoC passed the following resolution:
Resolved that in pursuance of Sec 12A of the Insolvency and Bankruptcy Code 2016 (IBC 2016) read with Regulation 30A(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 and other applicable provisions or rules with its all modification(s) or amendment(s) in future, the Committee of Creditors, consisting only sole financial creditor i.e., Indian Bank with 100% voting right of M/s. Kaaiser Oils Pvt. Ltd. be and hereby give their consent to the approval of the appropriate Adjudicating Authority/Appellate Authority and other regulatory bodies if any.”
He has further submitted that there were two Operational Creditors, namely, Employees State Insurance Corporation and Office of the Joint Commissioner, Commercial Taxes Lalbazar Charge, to whom their amount has been paid through Challan(s). Details of the said payment is given as under:
It is further submitted that no dues are pending towards CIRP Cost as on date and in this regard, averment has been made in para 5 of the said application itself which reads as under:
“5.The Applicant states that no dues is pending towards CIRP Cost as on date”
On the basis of the aforesaid averments and evidence, Counsel for the RP has submitted that the application bearing IA No. 2864 of 2023 may be allowed and the CIRP initiated against the Corporate Debtor by the impugned order dated 13th December, 2019 in CP(IB) No. 482/KB/2018 passed by the Adjudicating Authority, may be closed.
We have heard counsel for the parties and after examining the aforesaid facts and circumstances of the case, the application bearing IA No. 2864 of 2023 is hereby allowed and the CIRP proceedings of the Corporate Debtor, initiated vide impugned order dated 13th December, 2019, is hereby closed.
As a result thereof, the present appeal has become infructuous. No order as to costs.