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Judgment
O R D E R
Mr. Umang Mehta, Ld. Counsel for the Applicant present. Ms. Antara Kalambi, Ld. Counsel for the Respondent present.
Counsel for the Resolution Professional submitted that vide order dated 25.07.2023 the main Company Petition was admitted by this Bench and directed to the Operational Creditor to pay the CIRP cost of Rs.5 lakh to the Interim Resolution Professional. Subsequently, the company ceases to exist. In view of that he filed an application for withdrawal of the CIRP proceedings. If cost incurred is less than Rs.5 SVR lakh, RP is directed to refund the balance amount and in case of excess utilised, he has a right to claim the difference from the Operational Creditor.
In view of the above direction, IA 4303/2023 is allowed and disposed of. Accordingly, C.P. (IB)/563(MB)2021 is dismissed as withdrawn.