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Judgment
O R D E R
Mr. Sandip Kumar Kejriwal, Interim Resolution Professional, is present in person. Mr. Sovan Ghosh, Ld. Counsel for the suspended members of the Board of Directors of the Corporate Debtor is present in person.
IA(IB) No. 1038/KB/2020 is an application filed by the IRP u/s. 12A of the Insolvency and Bankruptcy Code, 2016 read with Regulation 30A(1)(a) of the IBBI (Insolvency Regulations Process for Corporate Persons) Regulations, 2016 seeking leave for closure and withdrawal of underlying CP(IB) No. 738/KB/2019.
CIRP was commenced on 21/02/2020 in terms of the order passed by this Adjudicating Authority. The applicant herein, Mr. Sandip Kumar Kejriwal, was appointed as IRP in the matter. Public announcement was issued on 28/02/2020. Despite public announcement, no claim was received by the IRP. On 17/03/2020, one of the suspended members of the Corporate Debtor has entered a settlement with the petitioning creditor, which has been placed at pages 8 to 12 of the present IA. The application has been routed through the IRP as required under the Regulations, ibid. The IRP submits that his fees of Rs.50,000/- has also been paid in full.
This Bench has perused the application and heard the submissions of the IRP appearing in person. This Bench has considered the IA and the statements made by the IRP. There is no impediment to granting leave for withdrawal since no claim has been received from any quarters. So far as costs incurred by the IRP and his fees have been paid in full. Therefore, this Bench hereby orders as follows:-
CIRP initiated against the Corporate Debtor vide order dated 21/02/2020 is hereby closed;
Board of Directors of the Corporate Debtor is restored to its original position;
IRP is discharged from his responsibilities;
IRP is hereby directed to handover the possession to the Corporate Debtor of all its assets, books of account and other documents to the Board of Directors.
IA(IB) No.1038/KB/2020 and the underlying CP(IB) No. 738/KB/2019 are both disposed of in accordance with the above directions.