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Tribunals and CommissionsDivision Bench(2024) 01 NCLT CK 3423

Gauri Agrotech Products Pvt Ltd vs Nexus Well-Hope Agri Tech International Ltd

National Company Law Tribunal · Decided on 24 January 2024

HON’BLE JUDGES
Dr. Venkata Ramakrishna Badarinath Nandula, Member (J) · Shri. Sanjay Puri, Member (T)
RESULT
Disposed Of
CASE NUMBER
IA (IBC)/182/2024 in CP(IB) No.516/9/HDB/2019

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Judgment

5 paragraphs · 139 words

ORDER

This is an application filed by the Resolution Professional for withdrawal of CIRP ordered against the Corporate Debtor, contending, inter-alia, the dues of the lenders vide a joint settlement agreement dated 09.11.2023, a photocopy of which has been filed as Annexure -2.

It is submitted by the Ld. Counsel for the Resolution Professional that the CoC with the requisite percentage of voting had resolved to seek withdrawal of the CIRP against the Corporate Debtor. Form FA also has been filed by the applicant.

Therefore, under the circumstances, prayer to withdraw the CIRP ordered on 09.09.2022 against the Respondent in CP (IB)No.516/9/HDB/2019 is hereby allowed.

Consequently, the moratorium ordered against the Corporate Debtor stands withdrawn forthwith and the Corporate Debtor henceforth is at liberty to function on its own. With these observations, IA (IBC)/182/2024 is disposed of. No costs.