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Judgment
This Application has been filed by the RP under Section 12A of the IBC for withdrawal of CP 3425/2019.
The Applicant has annexed the copies of the settlement and withdrawal proposal made by the Suspended Director dated 07.06.2025, addendum to the settlement and withdrawal proposal dated 11.06.2025, copy of the minutes of the 7th meetings of the CoC held on 18.09.2025 and copy of Form FA submitted by the Applicant Financial Creditor.
It is submitted that the proposal to withdraw the Company Petition has been approved with 100% voting by the COC members. The relevant extract from the Minutes of the 7th CoC Meeting held on 18.09.2025 is reproduced below:
“2)History of the Settlement Proposal: The Suspended Board of Directors (“SBOD”) vide Addendum dated 11-06-2025 (“Addendum”) to the Settlement and Withdrawal Proposal (“Original Proposal”) dated 07-06-2025 had submitted a settlement proposal in terms of the order of the Hon’ble NCLAT dated 24-04-2025 to settle the dues of all the financial creditors of the Corporate Debtor. The proposal which offers to settle the dues of all financial creditors had been deliberated during the 4th meeting of the COC members held on 02-07-2025, wherein the COC members directed the RP to place a voting Resolution for considering the Settlement Proposal of the SBOD stipulating that should it receive 90% approval. RP would file an application under Section 12A of the Code read with Regulation 30A of the CIRP Regulations.
3)Settlement terms: The Addendum to the Original Proposal provides that the full Upfront payment of Rs. 4,72,20,00,000/- (Rupees Four Hundred Seventy-Two Crores Twenty Lacs Only) (“Settlement Amount”) for the financial creditors, against the total admitted claim of the Rs 5,49,04,24,133.93/- (Rupees Five Hundred Forty-Nine Crores Four Lacs Twenty Four Thousand One Hundred and Thirty Three and Paise Ninety Three Only).”
It was submitted that out of the settled amount of Rs. 472.20 crores, Rs. 369.11 crores have already been transferred to the lenders’ account. During the proceedings, Ld. Counsel showed two demand drafts for the balance amount of Rs. 103.09 crores (1) DD dated 15.10.2025 for Rs.3,09,00,000 (Rupees Three Crore Nine Lakh) (2) DD dated 14.10.2025 Rs.1,00,00,00,000 (Rupees One Hundred Crore) in favour of the CD-CIRP account.
It is noted that the entire amount as per the Settlement terms has been paid. It is also noted that there is no objection to the 12A application and the same has been approved with 100% voting by the CoC members.
CP is permitted to be withdrawn. IA (I.B.C)4510 (MB)/2025 is disposed of in above terms. Accordingly, CP is disposed of as withdrawn. All IAs closed and disposed of.