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Judgment
ORDER
Ld. CS Mr. Sujit Jha for the Applicant is present through physical mode. There is no representation on behalf of the Respondent.
This is an Application filed by the Applicant IRP seeking the following prayers:-
a. To pass an order excluding thirty-four (34) days from CIRP period of Corporate Debtor, i.e., from May 08, 2025 to June 10, 2025.
b. To pass an order allowing the present Application under Section 12A of the Insolvency and Bankruptcy Code, 2016 along with accompanying Form FA filed by the Operational Creditor under Regulation 30A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 for withdrawal of the Company Petition bearing C.P. (IB)/1183(MB)2021 filed u/s. 9 of IBC, 2016 in of the settlement arrived at between the Operational Creditor and Suspended Director/s of Corporate Debtor;
c. To pass an order relieving M/s Indus Projects Limited having CIN: U74210MH1997PLC111921 from the rigours of Corporate Insolvency Resolution Process (CIRP) proceedings and its pursuant processes, which were initiated vide Admission Order dated May 08, 2025 in C.P. (IB)/1183(MB)2021.
d. To pass an order thereby terminating the CIRP of the Corporate Debtor and thereby discharging the IRP i.e. Mr. Vivek Satyaprakash Jalan (having IBBI Regn. No. IBBI/IPA-002/IP-N01295/2024-2025/14452) from the duty of Interim Resolution Professional of the Corporate Debtor;
e. To pass any such other or further order(s), as may be deemed fit and in the interest of justice and equity.
It is stated that the Corporate Debtor was admitted to CIRP vide an order dated of 08.05.2025 in C.P.(IB)/ 1183(MB)2021 under Section 9 of the Code.
It is the case of the Applicant herein that the order was communicated to him by a mail from the Registry of this Tribunal only on 11.06.2025 and for which he has placed the necessary evidence at page no. 14 of the Application.
It is stated that the public announcement was made by the IRP on 13.06.2025 in two newspapers.
It is stated that the IRP received form-FA from the Applicant Operational Creditor on 16.06.2025 along with copy of the consent terms dated 16.06.2025 which are appended from page no. 36 to 38 of the Application.
It is stated that based upon the Form -FA the RP has affirmed the present Application on 19.06.2025 at page no. 39.
It is stated that by Applicant herein that CoC has not been formed in the matter so far.
Ld. Counsel for the Resolution Professional, who is present physically before us during the hearing, states that he has since received entire fees and expenses in the matter.
Perusal of the consent terms reveals that the Operational Creditor, who has filed a claim in the main Application for an amount of Rs.3,20,77,578/-, has settled the entire dues for a sum of Rs. Rs.2,41,00,000/- (Rupees Two Crore Forty-One Lakhs Only), which has since been received by the Operational Creditor.
As the settlement has been arrived at between the parties, no CoC has yet been formed, the Applicant in the main CP has issued Form-FA and as the IRP states that no dues are payable by the Applicant in the main CP to the IRP, we hereby allow the present Application under Section 12A of the Code.
The Corporate Debtor herein is released from the rigours of IBC law and is allowed to operate independently through its Board of the Directors. IRP is discharged from his duties as an IRP.
Before we part with this matter, we observe the conduct of the registry of this Tribunal. It is seen from page no. 14 that the order passed by this Tribunal on 08.05.2025 was uploaded on 09.05.2025 on the DMS of this Tribunal. However, It was mailed to the IRP only on 11.06.2025.
We direct the Joint Registrar of this Tribunal to Investigate the reasons of delay in communication of the order and place his report before the two members of this Bench within a period of 10 days from date of this order.
Accordingly, this IA(I.B.C)/2923(MB)2025 is allowed, C.P.(IB)/ 1183(MB)2021 is closed and disposed off.