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

Background Facts

Meta Arch Private Limited (“Corporate Debtor”) is engaged in real estate development and has projects across Kenya, Pune, Mumbai, Dubai et al.

Ardex Endura (India) Private Limited (“Operational Creditor”) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (“IBC”), seeking initiation of Corporate Insolvency Resolution Process (“CIRP”) against the Corporate Debtor, over a default of Rs. 15,74,692/-. The Adjudicating Authority initiated CIRP against the Corporate Debtor on 08.10.2018 and Mr. Nitin Om Kothari was appointed as the Interim Resolution Professional (IRP).

However, the 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. In the meanwhile, the Corporate Debtor paid an amount of Rs. 16,23,808/- to the Operational Creditor on 18.10.2021. Since the operational debt stood paid, the Operational Creditor sent Form A (Application for withdrawal of CIRP) to the IRP.

Accordingly, the IRP filed an application under Section 12A of the Insolvency and Bankruptcy Code, 2016 (“IBC”) before the Adjudicating Authority, seeking withdrawal of CIRP initiated against the Corporate Debtor.

On 03.03.2023 the Adjudicating Authority allowed the application for withdrawal of CIRP. The CIRP against the Corporate Debtor has ceased as on date.

Case Title: Ardex Endura (India) Private Limited v Meta Arch Private Limited

Case No.: CP(IB)/3546/(MB)/2018

Counsel for Applicants: Adv. Prakhar Tandon i/b Adv. Agam H Maloo, Adv. Aman Kacheria i/b Adv. Rishabh Dhanuka and Adv. Indrajeet Hingane.

Counsel for Respondent: Adv. Avinash R. Khanolkar.

Click Here To Read/Download Order