DCB Bank vs Forts Biotech Pvt. Ltd.

The instant application has been filed by the Applicant seeking urgent hearing of IA No. 410/JPR/2019. In the circumstances, the IA is allowed and IA No. 410/JPR/2019 is taken up for hearing.

IA No. 264/JPR/2020 is allowed and stands disposed of accordingly.

Heard Mr. Saumil Sharma counsel for the Applicant / RP of M/s Forts Biotech Pvt. Ltd. This application has been filed by the RP of M/s Forts Biotech Pvt. Ltd. under Section 12A of IBC, 2016 seeking withdrawal of the CP No. 81/7/JPR/2018. It is stated that CIRP against the M/s Forts Biotech Pvt. Ltd. ('Corporate Debtor') was initiated on 08.03.2019 when CP No. 81/7/JPR/2018 was admitted. It is further submitted that the Suspended Board of Directors of the Corporate Debtor have settled the matter with the CoC members. Accordingly, the CoC in its 9th meeting held on 07.11.2019, with 100% voting share resolved to withdraw the CP No. 81/7/JPR/2018 and accordingly authorized the RP to file an appropriate application before this Adjudicating Authority. In view of the resolution passed by the CoC with 100% voting share, filing of Form-A and the settlement reached between the parties we do not find any impediment in allowing the instant IA.

In the circumstances IA No. 410/JPR/2019 is allowed and disposed of accordingly.

In view of order passed in IA No. 410/JPR/2019, CP No. 81/7/JPR/2018 is dismissed as withdrawn.