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Judgment
ORDER
The matter is taken up through Virtual Hearing (VC).
IA No. 714/2023:- The present application is filed by Bank of Maharashtra who is applicant/Financial Creditor in the main Company Petition under section 60(5) of Insolvency and Bankruptcy Code, 2016 read with regulation 30-A of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 read with Rule 11 of the NCLT Rules, 2016 for withdrawal of the Company Petition. Counsel appearing for the applicant submits that it is mandate under the Code that the withdrawal application is filed by the RP/IRP but this is a peculiar case, where the Company Petition was admitted vide order dated 06.01.2023 and Mr. Laxman Digambar Pawar was appointed as an IRP of the Corporate Debtor who suddenly died on 03.12.2022. The death certificate of the IRP is also enclosed with the application which is marked as annexure (d). Counsel appearing for the applicant further submits that the Financial Creditor have entered into settlement agreement and as per the OTS proposal with the Corporate Debtor, the Financial Creditor has received Rs. 4.15 crores as full and final settlement of their dues from the side of the Corporate Debtor.
Having considered the submissions of the Counsel, appearing for the applicant/Financial Creditor and on perusal of averments made in the present application. This bench is of the considered view that since parties have settled the matter as full and final. In view of the above, IA No. 714/2023 is allowed and disposed of. Accordingly, C.P. (IB)/3553(MB)2019 is allowed to be withdrawn, hence stands closed. All the pending IA’s/MA’s in this Company Petition become infructuous, hence stood dismissed. File be consigned to records