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Judgment
CA-2682(PB)/2019:-
On 27.11.2019, the CoC has passed the resolution to file 'Form FA' prescribed under CIRP Regulations for withdrawal of CIRP under Section 12(A), and the same was filed. The CoC comprising of two members namely Punjab National Bank and HDB Financial Services Pvt. Ltd., has accepted the proposal made by the ex.-directors of the Corporate Debtor for withdrawal of the Corporate Insolvency Resolution Process as the amount due stand paid. The CoC has passed the following resolution on 27.11.2019 which reads thus:-
"Resolved that, subject to realization of pay order furnished by suspended director, consent of CoC be and is hereby accorded for withdrawal of CIRP of Indo Gulf Diagnostics & Research Centre Private Limited as per Section 12A of IBC, 2016"
Further, resolved that a legal professional shall be appointed for preparation and filing the application for above and cost of that person shall form part of CIRP cost."
It has also been clarified that the financial creditor namely Endless Services Pvt. Ltd. at whose instance the CIRP was initiated has expressed satisfaction as its claim had already been settled. The resolution was carried by 100 % voting share and the counsel for the IRP has clarified that all dues of the IRP including the expenses incurred for conducting the CIRP have also been satisfied.
As a sequel to the above discussion, the application is allowed and the CIRP initiated in CP No. (IB)-1014(PB)/2019 stands nullified. The admission order dated 31.07.2019 will not operate any further.
It is needless to say that any proceeding initiated in pursuance of the aforementioned CIRP cease to be in operation.
The application as well as CP No. (IB)-1014(PB)/2019 are accordingly disposed of along with the applications.
A copy of the order be given dasti to the counsels for the parties under the signature of the Bench Officer today itself.