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Judgment
O R D E R
This IA has been filed by the Interim Resolution Professional (IRP) of Swikriti Renewables Private Limited (OPC), the Corporate Debtor under Section 12A of the Insolvency and Bankruptcy Code, 2016 (the Code) r/w Regulation 30A of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulation 2016, and Rule 11 of the NCLT Rules, 2016, seeking permission to withdraw C.P.(IB)/1339(MB)/2022 whereby the Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on 13.06.2025.
The facts leading to the filing of this IA are that on an application filed by Esdec India Solar Private Limited under Section 9 of the Code, the Corporate Debtor was admitted to CIRP vide order dated 13.06.2025. The Applicant was appointed as the IRP to carry out the functions under the Code. The Applicant has published Form A in two newspapers, one in Marathi and another in English, but no claim has been received.
Shri. Nitin Maruti Bhosale, director of the suspended board of the Corporate Debtor, filed an Appeal against the order of admission before the Hon’ble NCLAT vide Company Appeal (AT) (Ins) No.889 of 2025 under Section 61 of the Code. During the hearing on 25.06.2025, both parties informed the Hon’ble NCLAT that they have settled their dispute, and the whole amount pertaining to the dispute has been paid. In the circumstances, the Hon’ble NCLAT permitted the parties to place the settlement before this Tribunal within 20 days from the date of the order, i.e., 25.06.2025, and directed not to constitute CoC till then.
The Applicant filed this IA within the time allowed by the Hon’ble NCLAT along with the Form FA dated 09.07.2025 submitted by the Operational Creditor for withdrawal of the CIRP.
We have heard the Ld. Counsel for the Applicant and the Operational Creditor, and also perused the records.
The Operational Creditor and the Corporate Debtor have amicably settled all disputes and claims arising out of the subject matter of the present proceedings. The application has been filed in accordance with Section 12A read with Regulation 30A of the CIRP Regulations. No creditor has come forward with any objection against the withdrawal of the CIRP of the Corporate Debtor.
In the light of what has been stated above, we allow this IA. No.3410/2025. Consequently, the CIRP initiated against the Corporate Debtor stands withdrawn. The Applicant is directed to hand over the management of Corporate Debtor to the Board of Directors of the Corporate Debtor, whose powers stood suspended by virtue of the initiation of CIRP by this Tribunal while admitting the C.P.(IB)/1339(MB)/2022 on 13.06.2025. The Corporate Debtor is released from the rigors of CIRP. The Applicant is discharged from all his responsibilities. The Corporate Debtor shall operate through its own Board from the date of this Order.
Accordingly, IA.No.3410/2025 stands allowed. The main Company Petition No. C.P.(IB)/1339(MB)/2022 stands dismissed as withdrawn. The file be consigned to records.