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Judgment
ORDER
The Applicant is represented through learned PCS.
The learned PCS through IRP filed the instant IA under Section 12A of the Insolvency and Bankruptcy Code, 2016 r.w. along with affidavit accompanied Form FA with regard to the withdrawal of application under Regulation 30A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.
On perusal of the records, it is found that on 10.02.2020, an application filed under Section 9 of the IB Code was admitted and accordingly, Mr. Tejas Kiranbhai Shah was appointed as IRP on proposal made by the Operational Creditor. Thereafter, the matter has been settled between the parties. In view of that, the instant application is filed.
The learned PCS submitted that the Operational Creditor has cleared the dues of the IRP. The CIRP/moratorium ceased to have effect. The IRP is released from his duties. The Corporate Debtor is freed from the rigour of the CIRP.
Accordingly, the instant application is allowed and stands disposed off with the above observations.