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Tribunals and CommissionsDivision Bench(2022) 09 NCLT CK 0491

Savitri Entterprisess vs Bhagatpur Tea Company Limited

National Company Law Tribunal, Kolkata Bench · Decided on 12 September 2022

HON’BLE JUDGES
Rohit Kapoor, Member (Judicial) · Balraj Joshi, Member (Technical)
RESULT
Allowed
CASE NUMBER
C.P. (IB)/617(KB)2020, IA(I.B.C)/970(KB)2022

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Judgment

8 paragraphs · 137 words

ORDER

1.

Ld. Counsel on both sides present.

2.

The CIRP was ordered on 5th of September, 2022. IRP was appointed. However, before the CoC could be constituted, the parties have settled between themselves and the Suspended Director has moved this application for recalling of the order initiating CIRP.

3.

In view of the fact that CoC was not constituted, we in exercise of Rule 11 of NCLT Rules, allow this application in view of the settlement arrived at between the parties.

4.

As a consequence of this, the moratorium shall come to an end and the IRP shall stand discharged of his obligations.

5.

The suspended board of directors is restored to its original position as it was before CIRP.

6.

IA(I.B.C)/970(KB)2022 is accordingly allowed and disposed of.

7.

Accordingly, CP 617/2020 is dismissed as withdrawn.