SANGHVI MOVERS LIMITED Vs. IVRCL LIMITED

JUDGEMENT

(1.) The present Company Petition bearing CP (IB) 117/9/HDB/2017 is filed by Sanghvi Movers Ltd (Petitioner / Operational Creditor) under Section 9 of Insolvency and Bankruptcy Code, 2016, R/w Rule 6 of the Insolvency & Bankruptcy (Application to the Adjudicating Authority) , 2016, by seeking to initiate Corporate Insolvency Resolution Process (CIRP) in respect of IVRCL Ltd (Respondent / Corporate Debtor) .

(2.) After hearing the case, this Tribunal issued notice to the Petitioner / Operational Creditor vide order dated 27.09.2017, extending the Petitioner an opportunity, before rejecting the application to rectify the defects as pointed out. The Petitioner also filed an affidavit dated 8th November, 2017, by inter-alia seeking to withdraw the Company Petition, with a liberty to approach again after following law.

(3.) Aggrieved by the said order, IVRCL (Respondent /Corporate Debtor) have filed an appeal before the Hon'ble NCLAT and Hon'ble NCLAT vide final order dated 21.11.2017 passed in CA (AT) (Ins) No.253 of 2017, allowed the prayer made on behalf of the Operational Creditor, and dismissed the application filed under Section 9 of the l&B Code before the Adjudicating Authority, as withdrawn, with a liberty to the Operational Creditor as prayed for. Accordingly, the Adjudicating Authority is directed to close the C.P.