Dena Bank vs Sitaram Maharaj Sakhar Karkhana (Khardi) Ltd.

"RESOLVED THAT we hereby accept the Form FA submitted by Bank of Baroda and approve the withdrawal of CIRP proceeding against Sitaram Maharaj Sakhar Karkhana (Khardi) Ltd. u/s 12A of Insolvency & Bankruptcy Code 2016. We authorise CA Umang Subhashcandra Khandelwal, Resolution Professional for Sitaram Maharaj Sakhar Karkhana (Khardi) Ltd. to file application of withdrawal with the Adjudicating Authority on behalf of CoC." Also, informed that on receipt of settled sum of ₹14.0 crores, the bank has proposed for withdrawal of the impugned Petition as noted in the minutes reproduced below:

"The Authorised Representative of the Financial Creditor i.e. Dena Bank (Now Bank of Baroda) informed the Committee of Creditors that the erstwhile management of the Corporate Debtor had deposited a sum of ₹14.0 crores in an escrow account with the Bank and the same shall be withdrawn by the Bank subject to withdrawal of the Company Petition before this Hon'ble Tribunal and have submitted FORM FA for withdrawal of CIRP u/s 12A. The Bank of Baroda may proceed further accordingly after the withdrawal of CIRP process by Hon'ble NCLT". The Ld. Resolution Professional in person is present and informed that no Expression of Interest (EoI) was ever invited in this case. It has also been informed that the Corporate Debtor undertakes to pay the CIRP costs as on date outstanding. Under the circumstances, the Applicant is hereby permitted to withdraw this Petition [CP(IB)-4069(MB)/2018]. As a consequence, MA 2210/2019 is allowed. Accordingly, CP(IB)-4069(MB)/2018 stands withdrawn.