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NATIONAL COMPANY LAW TRIBUNAL
MAHENDRA KHANDELWAL, J, ANU JAGMOHAN SINGH, T
COL. C.D. SHARMA (RETD.) & ORS. – Appellant
Versus
M/S ORIOR DEVELOPERS AND INFRASTRUCTURE PRIVATE LIMITED – Respondent
| Table of Content |
|---|
| 1. application for withdrawal filed by resolution professional under section 12a. (Para 1 , 2) |
| 2. observations around voting shares and committee deliberations for the withdrawal. (Para 6 , 12) |
| 3. restoration of management subject to compliance with statutory duties. (Para 23 , 24) |
ORDER
1. This is an application filed under Section 12A of the Insolvency and Bankruptcy Code, 2016 (‘the Code’) read with Regulation 30A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for corporate Persons) Regulations, 2016 by Mr. Rabindra Kumar Mintri, Resolution Professional ofOrior Developers and Infrastructure Private Limited (‘Corporate Debtor’) seeking withdrawal of the Company Petition bearing CP IB 1529/ND/2019 filed by theCol. C. D. Sharma and Others (‘ Financial Creditor’) under Section 7 of the Code. The Applicant is seeking withdrawal of the CIRP of the Corporate Debtor in view of the settlement proposal submitted by the Directors (power suspended), which was approved by the CoC in its 21st CoC meeting dated 12.09.2025, with a voting share of 91.491%.
2. The applicant in the present application has prayed for the following reliefs: -
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