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Tribunals and CommissionsDivision Bench(2020) 02 NCLT CK 0804

M/s. Chryso (India) Pvt Ltd vs Joyross Technical Services Pvt Ltd

National Company Law Tribunal, Kochi Bench · Decided on 4 February 2020

HON’BLE JUDGES
Ashok Kumar Borah, Member (Judicial) · Veera Brahma Rao Arekapudi, Member (Technical)
RESULT
Allowed
CASE NUMBER
MA/10/KOB/2020 In IBA/39/KOB/2019

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Judgment

8 paragraphs · 342 words
1.

This order has arisen out of the M.A. filed under Section 12A of IBC 2016 read with Regulation 30A of the Insolvency and Bankruptcy Board of India (Insolvency resolution Process for Corporate Persons) Regulations, 2016 by the Interim Resolution Professional seeking withdrawal of IBA/39/KOB/2019.

2.

Vide order dated 14.11.2019 in IBA/39/KOB/2019 this Tribunal admitted the application filed under Section 9 of the IBC, 2016 by M/s Chryso (India) Pvt Ltd, the Operational Creditor against M/s Joyross Technical Services Pvt Ltd, the Corporate Debtor. This Tribunal appointed the applicant as the Interim Resolution Professional.

3.

The IRP vide his MA submitted that after constitution of the Committee of Creditors (CoC), Operational Creditor has settled with the Corporate Debtor by which Corporate Debtor has agreed to pay the entire due of Rs.29,84,838/- before 31.03.2020 and issued a post-dated cheque, reserving their right to take legal proceedings in the event of default.

4.

The IRP further submitted that the Operational Creditor has filed form FA with the IRP, the same was placed before the CoC. The CoC consisting of sole financial creditor viz: Axis Bank Ltd also agreed for withdrawal provided their claim shall also be settled before 31.03.2020 failing which the Bank shall take legal remedies available to it against the Corporate Debtor.

5.

Based on the settlement arrived at between the OC and CD, the CoC resolved to permit withdrawal of the application with (100%) voting right and IRP filed this MA for the approval of this Tribunal.

6.

IRP in person along with his counsel as well as the counsel for the operational creditor are present. Heard the averments made by the learned counsel for IRP. In the light of the averments and also after thoroughly perusing the records including Form FA and minutes of meeting of the CoC, we pass the following order:

Order

In view of Section 12A application filed by the IRP, the prayer for withdrawal of Corporate Insolvency Resolution Process against the Corporate Debtor is allowed. IBA/39/KOB/2019 stands disposed of as withdrawn. No order as to costs.