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Judgment
ORDER
Ld. Counsel for the Operational Creditor present. Ld. Counsel for the Applicant, one of the suspended members of the Board of Directors of the Corporate Debtor, present.
IA(IBC)/704(KB)2022
This application has been filed by one of the suspended members of the Board of Directors of the Corporate Debtor under Rule 11 of the NCLT Rules, 2016 seeking directions for recalling of the order dated 12/07/2022 passed in CP(IB)/1642(KB)2018, in view of the settlement arrived at between the parties. In pursuance to the settlement, Ld. Counsel appearing for the Operational Creditor, Dr. Arpan Chaudhuri, has admitted the position with respect to settlement at Bar. Ld. Counsel for the Operational Creditor also informed that full and final amount of Rs.12 Lakhs has been paid to the respondent/Operational Creditor and she has no objection, if this application is allowed.
We are informed that no CoC was formed subsequent to admission of the C.P.(IB)1462(KB)2018.
For the foregoing reasons, we allow this application and the CIRP process directed to be initiated vide order dated 12/07/2022 is hereby recalled. IRP is hereby released from his responsibility.
Both IA(IBC)/704(KB)2022 and CP(IB)1642(KB)2018 shall stand disposed of accordingly.
File be consigned to the records.