2021 (5) TMI 1027 - Tri - Insolvency and Bankruptcy

Seeking withdrawal of application which was filed for initiation of CIRP against Corporate Debtor - Section 12A of the Insolvency and Bankruptcy Code 2016 read with Regulation 30A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 - HELD THAT - List the matter on 17th May 2021 for hearing. During this period, no COC meeting would be held by the IRP.All the parties are requested to file a short synopsis on or before 16th May 2021. Mr. Dutta is also at liberty to file a short synopsis on behalf of allottees.

Summary

Issues Involved:
1. Application for interim relief - IRP directed to file a reply by a specified date.
2. Stay on COC meeting until a certain date.
3. Parties requested to file a short synopsis before a specified date.

Analysis:
1. The Tribunal heard the application for interim relief (IA-2167/2021) where the IRP accepted the notice and confirmed receiving the application copy. The IRP was directed to file a reply by 14th May 2021. The matter was listed for a hearing on 17th May 2021. During this period, the COC meeting was stayed, and all parties were requested to file a short synopsis by 16th May 2021. Mr. Dutta was given the liberty to file a short synopsis on behalf of the allottees.

2. Another application (IA/2074/2021) was also listed for a hearing on 17th May 2021, without specific details mentioned in the judgment.

In conclusion, the Tribunal issued orders related to an application for interim relief, directing the IRP to respond by a specified date and staying the COC meeting until a certain date. Parties were instructed to submit short synopses before the hearing date. The judgment provided a clear timeline and instructions for all involved parties to follow, ensuring procedural fairness and efficient case management.