9911796707
TMI Blog2022 (3) TMI 990X X X X Extracts X X X X X X X X Extracts X X X X ..... has received the fee and expenses from the CoC. The Corporate Debtor is relieved from the rigors of CIRP and consequently the IRP is discharged of his duties. The Powers of the Board of Directors stand restored and the Company is directed to operate under the management of its Board of Directors - Application allowed. - IA(IBC)34/KOB/2022 in CP(IB)/23/KOB/2021 - - - Dated:- 11-3-2022 - Ashok Kumar Borah, Member (J) And Anil Kumar B., Member (T) For Appearing Parties: Vinod P.V., Reetha D., Manav Thomas, Shameem Ahamed M.P. and Cyriac Tom, Advocates ORDER Ashok Kumar Borah, Member (J) 1. This Interlocutory Application has been filed under Section 12A of the Insolvency and Bankruptcy Code, 2016 read with Regulation 30A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2022. The Applicant/IRP issued notice and agenda for convening the meeting of Committee of Creditors on 07 February, 2022. It is further stated that on 08th February 2022, the suspended directors of the Corporate Debtor submitted the Form-FA for withdrawal of the Application along with the consent terms to the Applicant/IRP. The summary of settlement arrived between the parties are as follows: a) The amount due has been fixed at ₹ 4,43,12,565/- being the principal of ₹ 3,12,22,210/- and interest @ 12% calculated to ₹ 1,30,90,355/- (Instead of interest @ 24% claimed by the applicant as per the terms of payment); b) The Corporate Debtor has paid an amount of ₹ 11,00,000/- towards the dues outstanding as per th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tances, the Punjab National Bank agreed to the proposal for withdrawal stating that in the event of default, the Punjab National Bank will have the right to take legal action for recovery of dues. Further the Operational Creditor agreed to bear the entire costs and expenses till the approval of the withdrawal of the Application and has paid the IRP Fee and expenses till date. Accordingly voting was conducted and Committee of Creditor consisting of the sole member with 100% voting rights resolved to approve the withdrawal of the application. 5. We have heard the learned counsel for IRP, and learned counsel for the Operational Creditor and perused the documents appended with the case records including the Resolution passed by the 1st CoC i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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