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Judgment
ORDER
The Respondent is represented through their respective Learned Counsel(s).
Petitioner is present in person.
Learned Counsel Ms. Abha Makwana appeared for the corporate debtor and filed an application for withdrawal the CP(IB) No. 147 of 2017 i.e. Gora Marine Pvt. Ltd. V/s. Big Power Glass India Pvt. Ltd., (filed under Section 9 of the Insolvency & Bankruptcy Cod) for recalling the CIRP before constitution of Committee of Creditors(CoC) in the light of judgment of the Hon'ble Supreme Court of India in the case of Swiss Ribbens V/s. Union of India.
The Petitioner Mr. being Director of the Company has submitted that the matter has been settled out of Court and entire its claim has been paid by the corporate debtor. Hence, he is not interested in to keep continue with Corporate Insolvency Resolution Process of corporate debtor Company. Considering such situation in view of law of the land as settled by the Hon'ble Supreme Court of India in the matter of Swiss Ribbens V/s. Union of India as the Committee of Creditors(CoC) has yet not been constituted, by the IRP Corporate Insolvency Resolution Process can be recalled. The IRP appointed by this adjudicating authority.
Mr. Manish Buchasia PCS is present in person he has express his no objection for recalling the Corporate Insolvency Resolution Process in view of the above stated settlement but subject to payment of professional charges and fee.
Having heard the Counsel for parties Operational Creditor/Petitioner in person and the IRP we are of the view that present application for withdrawal of the Corporate Insolvency Resolution Process deserves to be allowed hence it is allowed in terms of settlement out of Court. Accordingly, the Corporate Insolvency Resolution Process in respect of corporate debtor company is recalled.
The Petitioner and Corporate Debtor jointly and severally are directed to make payment of his professional fee and such necessary expenses incurred by the RP in the interregnum period of the Corporate Insolvency Resolution Process.
With the above stated observation, an IA 471/2019 is allowed and stands disposed of.