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New Delhi: The National Company Law Appellate Tribunal ,NCLAT) has closed the Corporate Insolvency Resolution Process (CIRP) against Marvel Realtors And Developers Ltd. after entering into record agreement with its financial creditors.
two member bench of NCLAT Chairman Ashok Bhushan said that the realtor has submitted a settlement letter with his financial creditor on 08 May 2023 IDFC First Bank,
“We take on record the settlement letter dated May 8, 2023, setting aside the order dated December 23, 2022, closing the CIRP against the corporate debtor,” the NCLAT order said.
Also rejected the argument Catalyst TrusteeshipWhich had filed an intervention application against Marvel Realtors & Developers opposing the withdrawal of the CIRP.
It added, “It is at liberty to the intervenor to take his own proceedings in accordance with law for its protection.”
The Appellate Tribunal observed that in the present case, a Committee of Creditors (CoC) has not yet been constituted and dismissed the claims of the intervenor opposing the withdrawal of the CIRP.
The Appellate Tribunal stated that it was of the view that in view of the objection raised by the intervenor of his claim filed before the IRP, the CIRP cannot be allowed to proceed as the debt for which the CIRP was initiated has been settled Is. financial creditors.
It added, “The interventionist is at liberty to take such legal action as may be advised to protect its interest.”
The NCLAT direction came on a plea filed by Vishwajit Subhash Jhawar, former director on the suspended board of Marvel Realtors and Developers Ltd.
The Mumbai-based bench of the National Company Law Tribunal (NCLT) had directed initiation of insolvency proceedings on December 23, 2022, on a petition filed by Marvel Realtors and Developers. IDFC First Bank,
Later on January 4, 2023 the director approached NCLAT and stated that the settlement offer has already been given to the bank.
This was also confirmed by the bank, who stated that the said settlement proposal is under active consideration of the management.
Thereafter, the NCLAT stayed the formation of the CoC, directing the IRP to run the company as a going concern and carry on all such business as is in the ordinary course of business.
As per reports, the lender had approached the NCLAT following a default of over Rs 44.50 crore.
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