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Judgment
The Applicant is represented by the Ld. Counsel Mr. Avinash Krishnan Ravi and R1 is represented by the Ld. Counsel Mr. Rohan Rajasekaran through video conferencing mode. It is submitted that vide Order of this Tribunal dated 04.03.2021 in IBA/189/2020, the CIRP was initiated against the Corporate Debtor and the Applicant was appointed as the IRP.
It is submitted by the Ld. Counsel for the Applicant herein that, FORM- FA, was sent to the IRP on date 19.03.2021, stating that the dues have been settled with the Corporate Debtor.
This matter is squarely covered in the judgment of the Hon'ble Supreme Court in the matter of Swiss Ribbons (Writ Petition (Civil) No.99 of 2018) case had reiterated that "We make it clear that at any stage where the committee of creditors is not yet constituted, a party can approach the NCLT directly, which Tribunal may, in exercise of its inherent powers under Rule 11 of the NCLT Rules, 2016, allow or disallow an application for withdrawal or settlement. This will be decided after hearing all the concerned parties and considering all relevant factors on the facts of each case". (Emphasis Supplied)
The IRP had attached along with the Application, Form FA and the Email exchanges between the parties.
It is seen from the averments made in Para 4 of the Application that, the fees of the Resolution Professional has been settled and hence the IRP seeks for withdrawal of the CIRP under Section 12A of the Insolvency & Bankruptcy Code, 2016 r/w 30A (1) (a) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.
In view of the settlement arrived at between the parties, and Form-FA submitted by the IRP, we allow the withdrawal of the Petition filed under Section 12A of IBC, 2016. The Corporate Debtor is permitted to act through its Board of Directors and is released from the rigor of the Insolvency & Bankruptcy Code, 2016.
Accordingly, IA/1092/(CHE)/2021 is allowed and IBA/189/2020 stands closed.