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Tribunals and CommissionsDivision Bench(2022) 03 NCLT CK 0491

Grand Anicut Trust-1 vs Timla Foods Pvt Ltd

National Company Law Tribunal · Decided on 9 March 2022

HON’BLE JUDGES
Bhaskara Pantula Mohan, Member (Judicial) · Veera Brahma Rao Arekapudi, Member (Technical)
RESULT
Disposed Of
CASE NUMBER
IA (IBC)/209/2022 in CP (IB) No.364/7/HDB/2020

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Judgment

4 paragraphs · 147 words

IA(IBC)/209/2022- Learned Counsel for the Applicant appeared via video conference.

This is an Application filed under Section 12A of the IB Code, 2016 seeking for withdrawal of CP No. 364/HDB/2020, in view of the Form FA dated 03.03.2022 filed by the Financial Creditor i.e., Grand Anicut Trust – 1 Represented by its Debenture Trustee - Milestone Trusteeship Services Pvt Ltd, to discharge the IRP from the continuation of CIRP Process of Corporate Insolvency Resolution Process and also hand over the management and affairs of the Corporate Debtor back to erstwhile management.

We have perused the Application, Memo and also the Form-FA filed by the IRP. In view of the same, we hereby order the withdrawal of CP No. 364/HDB/2020. The IRP is directed to hand over the Company to the erstwhile management forthwith. The order of moratorium shall cease to have effect.

Accordingly, IA(IBC)/209/2022 stands disposed of.