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Judgment
O R D E R
Ld. Counsel on both sides present.
IA/IBC/858/KB/2022- This IA has been filed for placing on record 1st Progress Report by RP. This Progress Report filed by RP is taken on record and the IA is accordingly disposed of.
IA/IBC/944/KB/2022- This application has been filed under section 12A of IBC, 2016 seeking withdrawal of application under Section 9 of IBC, 2016 admitted by this Adjudicating Authority.
Ld. Counsel appearing for the applicant states that in compliance with Section 12A IBC, 2016, there is an approval by CoC with 92.46% voting for seeking withdrawal and filing of this application. The approval and the voting are contained at page 7 of this IA.
This IA is supported by an affidavit filed by RP, which is at page 10 of this IA.
Keeping in view the above position, we allow this IA seeking withdrawal of C.P. (IB)/1400(KB) 2019 under Section 9 IBC, 2016 admitted by this Adjudicating Authority on 16th June, 2022.
With the withdrawal of application as mentioned above, the moratorium issued under Section 14 of IBC, 2016 shall cease to operate.
IRP is discharged of his obligation. It is stated by Ld. Counsel that the IRP has been paid his dues and nothing remains pending.
The board of directors is restored to its original position as existing before the CIRP intervened.
With the above directions IA/IBC/944/KB/2022 is allowed and disposed of and consequently, CP (IB)/1400(KB) 2019 is also disposed of.
File be consigned to record.