IA(IBC)/13/KOB/2022

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IN THE NATIONAL COMPANY LAW TRIBUNAL

KOCHI BENCH, KERALA

IA(IBC)/13/KOB/2022

IN

IBA/27/KOB/2020

(Under Section 12Aof the Insolvency and Bankruptcy Code, 2016 read with

Regulation 30A(1)(a) of CIRP Regulation and also read with Section 60(5)(a) of

the IBC, 2016)

Order delivered on14.03.2022

Coram:

Hon’ble Mr. Ashok Kumar Borah, Member (Judicial)

Hon’ble Mr. Anil Kumar. B, Member (Technical)

Mr. K Easwara Pillai,

IBBI/IPA-001/IP-P00448/2017-18/10791

AAA Insolvency Professionals LLP,

6^th Floor, Amrita Trade Towers,

SA Road, Pallimukku,

Kochi – 682 016.

… Applicant

IN THE MATTER OF

M/s Johnson Lifts Private Limited

…Operational Creditor

Versus

M/s Jewel Homes Private Limited

…Corporate Debtor

Parties/Counsel Present (through video conference)

For Applicant … Shri. K Easwara Pillai, IRP

ORDER

Per: Ashok Kumar Borah, Member (J)

This IA(IBC)/13/KOB/2022 has been filed under Section 12A of the

Insolvency and Bankruptcy Code, 2016 read with Regulation 30A(1)(a) of

CIRP Regulation and also read with Section 60(5)(a) of the IBC, 2016 by the

IRP Mr. K Easwara Pillai for withdrawal of Corporate Insolvency Resolution

IA(IBC)/13/KOB/2022

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Process in the matter of M/s Johnson Lifts Private Limited Vs. M/s Jewel

Homes Private Limited.

2.

The brief facts of the case are that vide order dated 06.01.2022 this

Tribunal admitted the application IBA/27/KOB/2020, for Corporate

Insolvency Resolution Process (CIRP) against M/s Jewel Homes Private

Limited (Corporate Debtor) under the Insolvency and Bankruptcy Code, 2016

filed by M/s Johnson Lifts Private Limited (Operational Creditor). The

Corporate Debtor has been doing its business of installation, maintenance,

servicing and repair of elevators and escalators.

3.

After initiation of CIRP, moratorium was declared under Section 14(1)

of the IBC and Shri. K. Easwara Pillai was appointed as Interim Resolution

Professional (IRP) under Section 16(1) of the IBC, 2016 and directed the

Operational Creditor to deposit Rs. 2,00,000/- (Rupees Two Lakhs Only) in

the account of the IRP to meet initial CIRP costs.

4.

The IRP stated that an Arbitration meeting has been conducted on

19.08.2021 relating to the dispute between the Operational Creditor and the

Corporate Debtor. In the meeting held on 19.08.2021 both parties were

agreed for a settlement of Rs. 23,00,000/- (Rupees Twenty-Three Lakhs only)

as repayment in instalments. Accordingly, the amount has been settled up to

Rs. 20,25,000/- (Rupees Twenty lakh twenty-five thousand only) and

balance due of Rs. 2,75,000/- (Rupees Two lakh seventy-five thousand only)

has been settled on 07.01.2022 and on 10.01.2022 as Rs. 1,00,000/-

(Rupees One lakh only) and Rs. 1,75,000/- (Rupees One lakh seventy-five

thousand only) respectively has been received. As the proof of full and final

IA(IBC)/13/KOB/2022

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settlement of the amount the Corporate Debtor has submitted the self-

certified bank statement of State Bank of India and the Operational Creditor

has produced the acknowledgment before the IRP.

5.

It is also stated that the Operational Creditor M/s. Johnson Lifts (P)

Ltd submitted before the applicant/Interim Resolution Professional on

11.01.2022 an acknowledgment for the amount received towards full and

final as per the terms concluded on 19.08.2021 and entrusted him to file

Form FA before this Tribunal to withdraw the application.

6.

It is also stated that the Operational Creditor has transferred Rs.

2,00,000/- on 13.01.2022 into his account and the Constitution of

Committee of Creditors (CoC) under Section 17(1) of IBC, 2016 is kept in

abeyance.

6.

We have heard the learned IRP and Shri. Jolly John the learned

counsel for the Operational Creditor and thoroughly perused all the case

records. We had gone though the minutes of meeting between the Johnson

Lifts Pvt. Lt