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Judgment
IA 1935/2021
The above Interlocutory Application is filed by the Applicant/RP under Section 12A of the Insolvency and Bankruptcy Code for withdrawal of the CIRP order dated 10.11.2017 passed against the Corporate Debtor. The counsel appearing for the sole CoC member/Financial Creditor submits that pursuant to execution of Consent Terms dated 13.08.2021, the matter was settled between the parties for a sum of Rs.15,00,00,000/- which was paid by way of Demand Draft as full and final settlement.
In view of the above facts and circumstances, this Bench deems it appropriate to allow the above application filed by IRP. Accordingly, the above IA 1935/2021 is allowed. Consequently, the moratorium under Section 14 of the IBC shall cease to operate from the date of this order and the Corporate Debtor is released from the rigours of CIRP ordered on 10.11.2017. Accordingly, the above I.A. 1935/2021 and C.P. 870/2017 are disposed of.
All Interlocutory applications bearing Nos.MA 688 of 2018, MA 915 of 2018, MA 1182 of 2019, MA 1522 of 2019, MA 1691 of 2019, MA 1992 of 2019, IA 2538 of 2019, IA 2701 of 2019, MA 3999 of 2019, MA 4150 of 2019, MA 243 of 2020, IA 2062 of 2020, MA 1225 of 2020, IA 2028 of 2020, IA 2363 of 2020, IA 491 of 2020, IA 671 of 2021, IA 909 of 2021,IA 1183 of 2021 pending under this Company Petition are stands disposed of.
IA 3976/2022
Ld. Counsel appearing in above IA submits that this application was filed to oppose the grant of any relief in IA No.1935/2021 which was filed by the RP under Section 12A of the IBC read with regulation 30A of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. Meanwhile, it is stated that the applicant has arrived at a settlement with the promoters of the Corporate Debtor by way of consent terms dated 27.09.2024 for a sum of Rs.14 Crore. Ld. Counsel submits that the applicant has received the entire dues of Rs.14 Crore and hence nothing survives in this application. In view of the above, IA 3976/2022 is disposed of as having become infructuous.