National Company Law Appellate Tribunal
Avtar Singh Rahi vs Nawal Kishore Prasad & Anr. on 10 June 2020
NATIONAL COMPANY LAW APPELLATE TRIBUNAL
NEW DELHI
Company Appeal (AT) (Insolvency) No. 219 of 2020
IN THE MATTER OF:
Avtar Singh Rahi
…Appellant
Versus
Hospitech Management Consultants
Pvt. Ltd. (Through ‘Interim Resolution
Professional’) & Anr.
…Respondents
Present:
For Appellant :
Mr. Pawanjit Singh Bindra, Advocate
For Respondents:
Mr. Ritu Raj Biswas, Advocate for R-2
Mr. Mani Bhushan Sinha, Advocate
Mr. Kumudshekhar, IRP
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O R D E R
(Through Virtual Mode)
10.06.2020 Learned counsel for the Appellant submits that Respondent No. 2 – Mr. Nawal Kishore Prasad (Operational Creditor) is the sole creditor and ‘Committee of Creditors’ comprises of him only. Since the ‘Committee of Creditors’ has already been constituted and we are told by learned counsel for the ‘Interim Resolution Professional’ that there is no other claimant, the only legally permissible exit route for the ‘Corporate Debtor’ to come out from the rigour of ‘corporate insolvency resolution process’ is by way of taking recourse to mechanism under Section 12A of the ‘Insolvency and Bankruptcy Code, 2016’ (‘I&B Code’, for short).
We accordingly dispose of this appeal giving liberty to the ‘Corporate Debtor’ to approach the ‘Committee of Creditors’ through ‘Interim Resolution
- 2 - Professional’ for permitting the ‘Operational Creditor’ to withdraw the application in view of settlement stated to have been arrived at, inter-se, the ‘Operational Creditor’ and the ‘Corporate Debtor’. The appeal is accordingly disposed off. The interim directions shall stand vacated.
A copy of this order be sent to the Adjudicating Authority (National Company Law Tribunal), New Delhi Bench for information.
[ Justice Bansi Lal Bhat ] Acting Chairperson
[Justice Jarat Kumar Jain] Member (Judicial)
[ Shreesha Merla ] Member (Technical)
/ns/rr/
Company Appeal (AT) (Insolvency) No. 219 of 2020