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Judgment
Mr. Maulik Choksi, Ld. Counsel for the Applicant/ Resolution Professional (RP) present.
IA-5760/2023
This is an Application filed under Section 12A of the IBC, 2016 by the RP, under the recommendation of the Committee of Creditors (CoC), seeking withdrawal of the CIRP against the Corporate Debtor.
Ld. Counsel for the Applicant stated that this Bench vide an Order dated 06.12.2023 the present Company Petition bearing (C.P. (IB)/4525(MB)2019) u/s 7 was admitted and CIRP was commenced, moratorium was declared an Interim Resolution Professional (IRP) was appointed.
However, during the Corporate Insolvency Resolution Process before the Constitution of the Committee of Creditors an agreement has been executed between the parties as they amicably settled the claim and the Financial Creditor submitted Form FA through email dated 08.12.2023 to the RP seeking withdrawal of the Company Petition on the ground of consent terms dated 18.11.2023. There is no due of fee and expenses from the Financial Creditor.
In view of the above considering the totality of the circumstances, prima-facie it appears that all the requisite conditions of the Section 12A of IBC have been fulfilled, as affirmed by the Resolution Professional. Accordingly, this Bench allows the withdrawal of the CIRP against the Corporate Debtor.
The Corporate Debtor is free from the rigours of CIRP and the erstwhile management is being reinstated to the Board. The RP is to handover all financial and other records to the reinstated Board of the Company. RoC to be intimated the withdrawal of the CIRP and normal function of the Company.
Accordingly, IA-5760/2023 is allowed and disposed of. C.P. (IB)/4525(MB)2019 is dismissed as withdrawn. File to be consigned to records.