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Tribunals and CommissionsDivision Bench(2022) 09 NCLT CK 0468

Utkal Engineering Enterprises vs Venus Controls & Switchgear Private Limited

National Company Law Tribunal, Kolkata Bench · Decided on 5 September 2022

HON’BLE JUDGES
Rohit Kapoor, Member (Judicial) · Balraj Joshi, Member (Technical)
CASE NUMBER
C.P. (IB)/1793(KB)2019, IA(I.B.C)/426(KB)2022

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Judgment

11 paragraphs · 175 words

ORDER

1.

Ld. Counsel for the parties present.

2.

IA(I.B.C)/426(KB)2022

i.

This is an IA seeking additional 90 days time period under Section 12 of IBC, 2016 in the CIRP.

ii.

When this application was taken up, Ld. Counsel for the Suspended Board stated that in terms of settlement arrived at Rs. 8,32,890/- shall be paid to the RP today itself.

iii.

Mr. Akash Agarwal appearing for the Operational Creditor states that his grievance has been redressed and in view of the settlement, he seeks to withdraw this application.

iv.

Consequent upon withdrawal of the application by the Operational Creditor C.P. 1793 of 2019 is dismissed as withdrawn.

v.

In view of this position the CIRP proceedings are hereby closed.

vi.

RP is discharged of its obligations and the moratorium shall also come to an end.

vii.

The records collected by the RP shall be returned to the suspended board of directors, which would stand restored now.

viii.

In view of these submissions, this application IA 426/2022 has become infructuous and is disposed of accordingly.