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Judgment
ORDER
Mr. Rishab Dua, Ld. Counsel for the Applicant and Mr. Nausher Kohli, Ld. Counsel for the Corporate Debtor are present.
The present Interlocutory Application has been filed by the Applicant/Interim Resolution Professional, seeking withdrawal of the Corporate Insolvency Resolution Process of the Corporate Debtor, which was initiated vide order dt. 20.08.2024.
Ld. Counsel for the Applicant, on instructions, submits that the debts of the Operational Creditor have been satisfied in full by the Corporate Debtor, in which regard, the Applicant has received a request through Form-FA.
Applicant further submits thatthe amount claimed in the present Company Petition was Rs. l,13,03,918.91.It is submitted that vide E-mail dated 21.08.2024, it was brought to the attention of the Applicantthat the Corporate Debtor has made the complete payment of outstanding amounts along with interest in full -satisfaction of its dues to the Operational Creditor. This fact was also brought into the knowledge of this Bench, accordingly, considering that the entire payments have been made, this Bench stayed the Operation of the order dt. 20.08.2024, and directed the Interim Resolution Professional not to take any further steps in the present case.
In view of the fact that the that the Corporate Debtor has made the complete payment of outstanding amounts along with interest in full satisfaction of its dues to the Operational Creditor, the Operation Creditor has issued the Form FA dated 28.08.2024 for the withdrawal of the Corporate Insolvency Resolution Process against the Corporate Debtor.The Applicant states that as on the date of filing of the present application the Committee of Creditor has not yet been constituted.
It is further submitted that as the operation of the admission order dated 20.08.2024 was stayed by this Learned Adjudicating Authority vide order dated 21.08.2024, which was also communicated to the Applicant vide email dated 21.08.2024, the Operation Creditor has not submitted a bank guarantee in terms of sub-regulation (2) of Regulation 30A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, since there were no expenses which were incurred and as such no Bank Guarantee as per sub-regulation (2) of Regulation 30A was submitted by the Operational Creditor.
In view of the above developments, in compliance with section 12A ofIBC read with regulation 30A(l)(a) ofCIRP Regulations, the Operational Creditor has issued Form FA dated 28.08.2024 for withdrawal ofCIRP against the Corporate Debtor, before constitution of CoC.
Hence, through the present application the Applicant/ Interim Resolution Professional is seeking withdrawal of the captioned Company Petition bearing No. 33 of 2024 filed against the Corporate Debtor.
Having considered the submissions and on perusal of averments made in the present Interlocutory Application, this Bench is satisfied and is of the considered opinion that the present Interlocutory Application is in consonance with Section 12A of the Insolvency and Bankruptcy Code, 2016 r/w Rule 11 of NCLT Rules, 2016 and r/w Regulation 30A(1)(a) of CIRP Regulations, and the same is liable to be allowed. Accordingly, this Bench allows the present Interlocutory Application, thereby allowing the Applicant to withdraw the Corporate Insolvency Resolution Process against the Corporate Debtor, Roadway Solutions India Infra Ltd. Consequent upon withdrawal of this Petition immediately after commencement of CIRP, the Interim Resolution Professional is directed to refund back an amount, if any due, towards meeting the initial costs.
Now the Corporate Debtor, Roadway Solutions India Infra Ltd, is free from all the clutches and rigors of Corporate Insolvency Resolution Process proceedings. The moratorium declared under Section 14 of the Insolvency and Bankruptcy Code, 2016 order of this Bench dt. 20.08.2024, shall cease to operate here from.
The Applicant herein is directed to handover all the assets, records and effects whatever available with him in the physical or electro format to the suspended Directors of the Corporate Debtor forthwith.
Resultantly, the main Company Petition bearing CP (IB) No. 33 of 2024, stands disposed of. In view of the withdrawal of the main Company Petition, all the pending Interlocutory Applications, if any, arising out of the present Company Petition, stand closed. File be consigned to records.
The Operational Creditor shall pay a sum of Rs. 25,000/- to the IRP appointed by this Tribunal towards his fees for discharging the functions of IRP i.e. filing of this application.
There will, however, be no order as to costs. Ordered Accordingly.