AI Structured Summary
Not yet generated for this judgment
Judgment
ORDER
The Resolution Professional (RP) along with his representative is present, submitted that the matter has been settled between the parties. In the 1st meeting of the lenders, it has been decided by them that they do not have any objection if the order of the CIR Process against the Corporate Debtor is recalled as per Section 12A of the I&B Code, 2016. The Respondent Company has also filed an Affidavit stating therein that the matter has been settled, and if any legitimate claim is made, then the same will be settled by the Company.
Perused the Application and the Progress Report filed by the RP. It has been recorded under Para 5 of the Progress Report that in the 1st meeting of the Creditors which was held on 13.02.2019 at 3.00 PM, all the Financial Creditor approved for withdrawal of CP/419/2018. The minutes of the same was circulated to the members of the committee through e-mail and the same were approved with 100% voting share. In the circumstances, the Order dated 04.02.2019 is hereby recalled, the Respondent Company is released from the CIR Process, the moratorium shall cease to have effect from the date of passing this order. The IRP stands relieved. Thus, the Company can carry on its business activities. Accordingly, the Application is allowed and CP/419/2018 stands disposed of.