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Judgment
This is an Application for withdrawal under Section 12A of the IB Code, 2016 read with Regulation 30A of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 along with an affidavit in support.
It is submitted in the application that Committee of Creditors has not been constituted so far and no claims have been received till date despite the public announcements in Form A in the newspapers.
Therefore, the present case falls within the ambit of Regulation 30A (i) (a) read with Regulation 30A (3). The IRP has also confirmed to this Tribunal that after intervention in the matter by the Tribunal, his fees has been paid towards full & final settlement of IRP's claim in the matter.
The Applicant – IRP has filed this Application under Section 12A read with Regulation 30A and allow the withdrawal of the Company Insolvency Resolution process against the Corporate Debtor pursuant to the Settlement arrived at between the parties in Company petition No.(IB)-3478/ND/2019 admitted vide Order dated 23.7.2021.
We have heard the Counsels present at the time of hearing this application and allow the Application. Also, a copy of the Settlement dated 03.9.2021 between the Corporate Debtor and the Operational Creditor is taken on record and the Corporate Debtor is relieved from the clutches of the CIRP.
The IRP is discharged from his functions and duties as the IRP and is directed to hand over the charge back to the Corporate Debtor.
The Interim progress report stated to have been filed by the IRP regarding the CIRP process is deemed to be taken on record.
The case folders and papers may be consigned to the Records Room.