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Judgment
ORDER
IA No. 3855/2023
The present application is field by Mr. Girish Siriram Juneja, Interim Resolution Professional under Rule 11 of the National Company Law Tribunal, Rules 2016 r/w Regulation 30(A) of the Insolvency & Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 seeking withdrawal of Company Petition.
Ld. Counsel appearing for the Applicant submits that the present Company Petition was admitted to CIRP vide order dated 25.07.2023. Subsequent thereto, parties have settled the debt, claimed in default, by settlement agreement. It is further informed to this Bench that CoC has not been constituted.
The Applicant further submits that the Financial creditor has submitted Form-FA dated 18.08.2023 for withdrawal of CIRP process.
After hearing the submissions made by the IRP and upon perusing the material available on record, this Bench feels that the above application deserves to be allowed and accordingly, IA No. 3855/2023 is allowed and C.P.(IB)2711(MB)2019 stood disposed.
Consequently, the Corporate Debtor is taken out of rigors of CIRP from the date of this Order, and the moratorium u/s 14 of the Code ceases to be in effect immediately. The IRP is discharged and is directed to hand over the control and possession of assets/records of the Corporate Debtor, if taken so far. The Corporate Debtor shall settle the dues of the IRP in relation to CIRP costs within one week, if not done so far.
In view of the disposal of the above Company Petition, all the pending IA’s and MA’s, if any, also stood disposed of.