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Judgment
Ld. Counsel Mr. Umesh Chandra Sahoo, IRP has moved this application under Section 12 (A) of IBC for withdrawal of the Company Petition.
Ld. CA, Mr. Chittarnajan Panda appeared on behalf of intervener and filed IVN.Pet.(IB) No.7/CB/2025 on behalf of BSR Finance Construction Ltd. and IVN.Pet.(IB) No.8/CB/2025 on behalf of Secure Media Entertainment Consultancy Management Pvt. Ltd. Hon'ble NCLAT has directed to the interveners to raise their issue before NCLT Bench, Cuttack.
Today a consolidated deed of settlement has been filed by 1. BSR Finance Construction Ltd., 2. Secure Media Entertainment Consultancy Management Pvt. Ltd. and 3. Viraja Steel & Power Pvt. Ltd.
Since, claim of the intervener has been settled with the Corporate Debtor. Ld. Counsel for the interveners seeks to withdraw his application. Permission granted.
IVN.Pet.(IB) No.7/CB/2025 and IVN.Pet.(IB) No.8/CB/2025 are dismissed as withdrawn.
Section 12 (A) application has been filed by Mr. Umesh Chandra Sahoo, Interim Resolution Professional of Viraja Steel & Power Pvt. Ltd. filed under Section 12 (A) of the IBC, 2016 read with Regulation 13 of IBBI (CIRP Regulation, 2016) seeking withdrawal of the CIRP initiated against the Corporate Debtor.
CIRP was admitted by this adjudicating authority vide order dated 09.09.2025 passed in CP (IB) No. 43/CB/2023 on an application filed by Ms Shresth Builders Pvt. Ltd. under Section 7 of the Code. Mr. Umesh Chandra Sahoo was appointed as the Interim Resolution Professional.
Aggrieved by the admission order the suspended Director/Shareholder preferred an appeal before the Hon'ble NCLAT, New Delhi.
Hon'ble NCLAT vide interim order dated 24.09.2025 directed that committee of creditors if not constituted as on date, shall not be constituted till the next date and no further steps be taken in the CIRP.
In the operative portion of the order Hon'ble NCLAT also directed that after the acceptance of the settlement proposal or disposal of the application under Section 12(A) of the Code which would be filed by the parties before the Ld. NCLT, the amount of Rs. 1,18,88,924 which is deposited with the registrar of this Tribunal may be dealt with as per the orders which may be passed by the Ld. NCLT with regard to the application moved under Section 12 (A) of the Code.
With the application under Section 12 (A) the Applicant has filed settlement memo, para 7 (C) of the same provides that Financial Creditor be permitted to receive the fixed deposit amount of Rs. 1,18,88,924 lying with the registry.
In view of the above submissions applications under Section 12 (A) filed by the application is allowed and CP (IB) No. 43/CB/2023 is dismissed as withdrawn. The fixed deposit amount deposited with the registry of the NCLAT, New Delhi shall be received by the Financial Creditor as per the settlement agreement. CRIP cost has been paid to the IRP and IRP is discharged from his assignment as IRP in this present matter.