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Judgment
Mr. Rajeev N. Kumar, Ld. Counsel for the RP present. Mr. U.V.G. Naik, RP, present in person.
This is an Application filed by the RP under Section 12A of the Code for withdrawal of the Company Petition which was admitted by this Bench on 15.11.2021. Ld. Counsel for the RP submits that the COC in its 4th Meeting held on 16.03.2022 with 99.41% voting have passed a resolution for withdrawal of CIRP of the Corporate Debtor. The RP also filed form FA.
The RP submits that the Bank Guarantee of Rs.6.50 Lakh has been submitted by the Operational Guarantor (Avantor Performance Material India Limited) forming 99.41% voting share in the COC issued by ICICI bank Limited which has the validity upto 10.09.2022.
Since the conditions for withdrawal for CIRP u/s 12(A) and regulation 30(A) of Insolvency and Bankruptcy Code Board of India (Insolvency Process for Corporate Persons) Regulations 2016 have been complete, this Bench has no objection for withdrawal of C.P. (IB)/3584(MB)2019.
Accordingly, the Corporate Debtor is brought out from the rigours of CIRP and the RP is directed to handover the charge of the Assets and Affairs of the Corporate Debtor back to the Suspended Members of the Board of Directors.
RP is discharged from his duties.
File be consigned to the records.
I.A. 915/2022 is allowed and disposed of.