Vidyadhar Sarfare & Anr Vs CS Anagha Anasingharaju & Ors. (NCLAT Delhi)
NCLAT Delhi held that the Application for withdrawal can be filed only by the Applicant who initiated the Corporate Insolvency Resolution Process [CIRP], hence, withdrawal under Section 12A is not permissible. Accordingly, application for withdrawal of CIRP application rejected.
Facts- The Corporate Debtor – Sant Dyaneshwar Hospital Pvt. Ltd. was incorporated on 20.03.2003 by Respondent Nos.6 to 12. CD, which is a Hospital, became debt ridden Company, the erstwhile Directors entered into a Memorandum of Understanding dated 17.02.2016 with Accord Mediplus Pvt. Ltd. (the Company of the Appellants).
Under the MoU, entire shareholding of Sant Dyaneshwar Hospital proposed to be transferred to Accor Pathlab Pvt. Ltd. and/ or its affiliated (Accord Group) for a consideration of Rs.17.50 crores. In October 2016, an amount of Rs.1.96 crores was deposited in the Corporate Debtor and transferred by Respondent No.6 to 12 into a Trust of which Respondent No.6 to 12 were also Directors. On 28.03.2017, another amount of Rs.35 lakhs was deposited in the account of the CD, which was transferred on 31.03.2017 by Respondent No.6 to 12 into the Trust. The erstwhile Directors resigned from the Company in April 2017.
