TaxTMI 
TaxTMI 
2020 (9) TMI 793
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.... set of facts. Therefore, this Adjudicating Authority deems it proper to dispose the same by way of this common order. 2. Application bearing IA No. 176 of 2020 is filed by Mr. Konda Vishnuvardhan Reddy, inter-alia, praying to direct for a stay of constitution of Committee of Creditors and allow for closing the company petition and CIRP process as withdrawn and pass any other or orders as this Adjudicating Authority may deem fit. 3. Application bearing IA No. 177 in CP (IB) No. 262/9/HDB/2019 is filed by Interim Resolution Professional, inter-alia, seeking the following reliefs : a) Permit the applicant/operational creditor to withdraw the present matter i.e. C.P. (I.B) No. 262/9/HDB of 2019, in accordance with provision of regulation 3....
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....ctions be passed to reopen the matter for proper adjudication of CP. No. 774/9/HDB/2019 in the interests of justice. 6. Facts of the present case in brief are as under:- a. That upon Application filed by M/s Sri Chaitanya Chlorides Private Limited, under Section 9 of IB Code, 2016, an order of admission was passed for initiation of CIRP and an IRP was appointed vide order dated 16.12.2019. b. That against the order of admission dated 16.12.2019, an appeal was preferred by Mr. Konda Raghu Rami Reddy vide Company Appeal (AT) (Ins.) No. 41 of 2020, wherein the Hon'ble NCLAT issued an interim order on 09.01.2020 with the following directions: "...........Until further orders, the 'Interim Resolution Professional' will not con....
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....tion process has come to a grinding halt. In these circumstances, we direct the 'Interim Resolution Professional' to go ahead with the constitution of the 'Committee of Creditors'. Interim order prohibiting constitution of 'Committee of Creditors' is accordingly modified. At this stage, learned counsel for the Appellant wants to withdraw the Appeal. The appeal is accordingly dismissed as withdrawn......" 7. That the Applicant in Application bearing IA No. 176/2020, inter-alia stated as under: i. That pursuant to order of Hon'ble NCLAT, the parties settled the dispute vide agreement dated 04.02.2020, consequent upon settlement and payment, IA No. 177 of 2020 has been filed by the IRP under Section 12A of ....
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....nder regulation 7 of the IBBI (Insolvency Resolution Process for Corporate persons) Regulations, 2016 on 28.12.2019 to IRP. iii. That the Appeal before Hon'ble NCLAT was withdrawn by the Appellant on 13.02.2020. iv. That an Application for withdrawal of the Petition can be made either before or after the constitution of CoC. That the IRP shall without any further delay constitute the CoC. v. Reiterating above, the Applicant prayed to allow the Application as prayed for. 9. That the Applicant in Application bearing IA No. 179 of 2020, inter-alia stated as under: i. That M/s. Reaxa Limited, had originally filed an application for declaring insolvency petition against the M/s. Reddy Pharmaceuticals Limited and that on 10.12.2019 t....
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....ya Chlorides u/s 9 of the Code against the Corporate Debtor on 23.04.2019. After affording an opportunity of being heard to the Corporate Debtor, this Adjudicating Authority has admitted the said Application vide its order dated 16.12.2019. Thereafter few more Applications bearing CP (IB) No. 736/9/HDB/2019, CP(IB) No. 774/9/HDB/2019 etc., were filed u/s 9 by the Operational Creditors of the Corporate Debtor including Applicants in IA No. 178/2020 and 179/2020 being considered in this common order. These applications U/s. 9 were considered by this Adjudicating Authority and in view of the initiation of CIRP in the case of the Corporate Debtor and appointment of IRP in CP(IB) No: 262/9/HDB/2019 vide order dated 16.12.2019, these Operational ....
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....g, who stated that they were directed by this AA to make their claim before the IRP and the same has been made; c. That the Counsel of RP submitted that he has already received claims from five Operational Creditors and one Financial Creditor, but due to stay on constitution of CoC by the Hon'ble NCLAT, the CIRP has come to a grinding halt; d. That in view of the circumstances of the case, IRP was directed to constitute the CoC and stay granted was vacated. e. That at this stage, the appellant sought to withdraw the appeal, which was allowed and the appeal was dismissed as withdrawn. 16. It is clear from the above referred judgement of the Hon'ble NCLAT that it is only after duly considering the facts and circumstances of the....