AI Structured Summary
Not yet generated for this judgment
Judgment
IA-1151/2023
Ms. Prachi Pandya a/w Ms. Monica Salian i/b Corporate Attorneys, Ld. Counsel for the Operational Creditor/Applicant present. Mr. Shyam Kapadia a/w Mr. Sandeep Goyal i/b Mulla & Mulla & CB & C, Ld. Counsel for the Corporate Debtor present.
This is an Application filed by the Operational Creditor for withdrawal of order dated 24.03.2023 initiating CIRP against the Corporate Debtor. Counsel for the Operational Creditor submits that while settlement talks between the parties were going on and were on verge of finalisation, this order came. However, the Corporate Debtor has undertaken to pay a sum of Rs.84,00,000/- (Rupees Eighty-Four Lakhs only) to the Operational Creditor in full and final settlement and have entered into a consent term on 27.03.2023. In view thereof, the Operational Creditor seeks withdrawal of his Application in terms of Section 12A of the Code.
The Counsel for the Corporate Debtor submits that the CoC has not been constituted as yet and IRP has not taken charge of the Corporate Debtor so far. The Counsel was asked to clarify the effect of decision of the Hon’ble Supreme Court of India in the case of Abhishek Singh Vs. Huhtamaki PPL Ltd. & Anr. [Arising out of SLP (Civil) No.6452 of 2021]. Ld. Counsel submitted that its case is squarely covered and this Application, if allowed shall not be in contravention of the decision of the Hon’ble Apex Court in the said case as the facts in the said decision and the present case are similar.
We have perused the Application and decision of the Hon’ble Supreme Court of India and find that this withdrawal application deserves to be allowed. In view of the above, IA-1151/2023 is allowed and disposed of.