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Judgment
The parties are represented through learned counsels.
The instant application is filed under Section 12A of the IB Code r.w. rule 11 of NCLT Rules.
Learned Lawyer for the Bank, being the sole member of the COC is present. The IRP as well as Suspended Management is also present. It is submitted by the Learned Lawyer of the IRP that COC has already been constituted. However, the first meeting is not yet convened. Learned Lawyer on behalf of the Bank has conceded the fact, and the same is also confirmed by the IRP.
It is further submitted by the Learned Lawyer of the Committee of Creditors that in view of the settlement arrived into by the parties, the instant application is filed under Section 12A of the IB Code for withdrawal of the application so filed under Section 7 of the IB Code.
Heard the Learned Lawyers appearing on behalf of the COC, IRP and Suspended Management. Since, the parties have settled and Bank being the sole financial creditor constituting COC has given the consent as such the prayer so made is allowed.
In view of such settlement, Moratorium ceased to have its effect, IRP has been discharged and the Suspended Management has also been freed from the rigour of CIRP. The sole member of the COC(Bank) further agreed to bear the expenses and remuneration of IRP.
Accordingly, the instant application is disposed-off as withdrawn with above observation.