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Tribunals and CommissionsDivision Bench(2023) 02 NCLT CK 3335

VS and B Containers LLC vs Opal Asia Line India Private Limited

National Company Law Tribunal · Decided on 7 February 2023

HON’BLE JUDGES
Prabhat Kumar, Member (Technical) · Kishore Vemulapalli, Member (Judicial)
CASE NUMBER
IA 444/2023 in C.P. (IB)/3888(MB)2019

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Judgment

6 paragraphs · 184 words

ORDER

1.

Mr. Akshay Zantye, Ld. Counsel for the Applicant present.

2.

This is an Application filed by the RP under Section 12A of the Code for withdrawal of the Company Petition which was admitted by this Bench on 03.11.2022. Ld. Counsel for the RP submits that the COC in its 3rd Meeting held on 27.01.2023 with 100% voting have passed a resolution for withdrawal of CIRP of the Corporate Debtor. The RP also filed form FA.

3.

Since the conditions for withdrawal for CIRP u/s 12(A) and regulation 30(A) of Insolvency and Bankruptcy Code Board of India (Insolvency Process for Corporate Persons) Regulations 2016 have been completed, this Bench has no objection for withdrawal of CIRP.

4.

Accordingly, the Corporate Debtor is brought out from the rigours of CIRP and the RP is directed to handover the charge of the Assets and Affairs of the Corporate Debtor back to the Suspended Members of the Board of Directors. RP is discharged from his duties.

5.

Accordingly, IA-444/2023 is allowed and disposed of. C.P. (IB)/3888(MB)2019 is dismissed as withdrawn. File to be consigned to records.