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Sandeep Steels VS Terrafirma Superstruct LLP.

    MA 1340/2019 in C.P. (IB)-2334/(MB)/2018
    Decided On, 07 May 2019
    At, National Company Law Tribunal Mumbai
    By, MEMBER (J)
    For Petitioner: Bhaskar Gopal Shetty, Resolution Professional, Angad Singh and Siddharth Murarka And For Respondents: Uttam Hathi i/b Brus Chambers

Judgment Text

1. A Petition was filed on 18.06.2018 by the Petitioner/Operational Creditor M/s. Sandeep Steels u/s. 9 of the Insolvency & Bankruptcy Code, 2016 against M/s. Terrafirma Superstruct LLP. Vide an Order dated 31.01.2019 the Petition was "Admitted" and "Moratorium" was commenced by appointment of Interim Resolution Professional Mr. Bhaskar Gopal Shetty.

2. Mr. Bhaskar Gopal Shetty, the impugned Interim Resolution Professional-cum-Applicant has moved this Application on 08.04.2019 u/s. 12A of The Code and the facts mentioned therein are as under:-

"1. ....

2. ....

3. ....

4. On 27th February, 2019, I received a claim Form, (Form B) from the Petitioner and Operational Creditor M/s. Sandeep Steels. After carefully scrutinizing, the said claim was accepted for Rs.5,25,000/-.

5. On 3rd March, 2019 Committee of Creditors was formed with only above named one member, M/s. Sandeep Steels, Operational Creditor.

6. ...

7. ...

8. That, further on 6th April, 2019, 2nd COC meeting was conducted, in which the Petitioner, Sole COC member, M/s. Sandeep Steels placed an Application for withdrawal of the CIRP in Form FA before the Committee of Creditors. The same was approved by a 100% voting share. .....

9. ....

10. That as has been discussed in para 8, the outstanding dues of the Petitioner and Sole claimant and Operational Creditor, M/s. Sandeep Steels is cleared and nothing is due to them."

3. The requisite Form FA for withdrawal of the Corporate Insolvency Resolution Process initiated against the Corporate Debtor was submitted by the impugned Petitioner/Operational Creditor itself. The Committee of Creditors has a

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lso approved the withdrawal application on 06.04.2019 with 100% voting share. 4. Since all the requisite compliances have been made, therefore, MA 1340/2019 stood "allowed".