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Tribunals and CommissionsDivision Bench(2020) 06 NCLT CK 2324

Bank of Baroda vs Corporate Debtor (In Re: CP(IB) 589 of 2018, Withdrawal)

National Company Law Tribunal · Decided on 16 June 2020

HON’BLE JUDGES
Madan Bhalchandra Gosavi, Member (Judicial) · Virendra Kumar Gupta, Member (Technical)
CASE NUMBER
IA 271 of 2020 in CP(IB) 589 of 2018

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Judgment

6 paragraphs · 146 words

Learned Counsel Mr. Monaal Dawawala appeared for the Resolution Professional - Applicant.

This Application is filed under Section 12 A r.w. 30 A of the Insolvency & Bankruptcy Code for withdrawal of the main CP(IB) No. 589 of 2018.

We have gone through the record.

We heard Learned Counsel for the Committee of Creditors. The Committee of Creditors meeting dated 05.03.2020 by 100 % voting passed a Resolution to permit the withdraw of the main IB Petition. Hence, the application is allowed.

Further, we direct the Original Financial Creditor i.e. Bank of Baroda to pay fees of Resolution Professional of Rs. 1,50,000/- (Rupees One lac Fifty Thousand only) in addition to which he received already, it is to be done, without fail.

With the above said observation, IA No. 271 of 2020 in CP(IB) 589 of 2018 is allowed to be withdrawn and stands disposed of.