NCLT Mumbai Allowed Withdrawal Of CIRP Against Meta Arch Pvt. Ltd.

The National Company Law Tribunal, Mumbai Bench in the case Ardex Endura (India) Private Limited v Meta Arch Private Limited, wherein the bench comprising of Judicial Member, Shri Kuldip Kumar Kareer and the Technical Member, Shri Shyam Babu Gautam observed while adjudicating the plea filed wherein the court has permitted withdrawal of CIRP against Meta Arch Private Limited.
Facts of the Case:
The Corporate Debtor, Meta Arch Private Limited being engaged in real estate development and has projects across Kenya, Pune, Mumbai, Dubai et al.
Therefore, the Operational Creditor, Ardex Endura (India) Private Limited file a plea under Section 9 of the Insolvency and Bankruptcy Code, 2016, wherein seeking initiation of Corporate Insolvency Resolution Process against the Corporate Debtor, over the default of Rs. 15,74,692/-. The CIRP has been initiated by the Adjudicating Authority against the Corporate Debtor on 08.10.2018 and the court appointed Mr. Nitin Om Kothari as the Interim Resolution Professional.
The court in an order dated 08.10.2018 could not made available either on official website or through E-mail by the Registry to the concerned parties till 22.10.2021. Thus, an amount has been paid by the Corporate Debtor an amount of Rs. 16,23,808/- to the Operational Creditor on 18.10.2021. Consequently, the Operational Creditor sent Form A (Application for withdrawal of CIRP) to the IRP, since the Operational debt stood paid.
Accordingly, an application has been filed by IRP under Section 12A of the Insolvency and Bankruptcy Code, 2016 before the Adjudicating Authority, wherein seeking the withdrawal of CIRP initiated against the Corporate Debtor.
The Adjudicating Authority on 03.03.2023 allowed the application for withdrawal of CIRP. Thus, the CIRP against the Corporate Debtor has been ceased as on the date.