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Judgment
ORDER
The prayer made in the captioned application reads thus:-
Ld. Counsel for the RP submitted that the applicant who has preferred the present petition through RP is the sole financial creditor and the corporate debtor has no other financial creditor. Nevertheless, she submitted that there are other operational creditors who have their dues against the corporate debtor. She also submitted that even there are also statutory dues payable by the corporate debtor. Nevertheless, as the COC comprise only financial creditors and the applicant herein before us could be sole member of the COC, we allow the present application for withdrawal of IB-614/ND/2023 and dismiss the same. However, it is made clear that the operational creditors as well as statutory authorities would be entitled to resort to appropriate remedy of the action against the corporate debtor in accordance with law and the corporate debtor will not be entitled to claim any equity with reference to the time spent in the present process. Besides, the time spent in CIRP, during which moratorium was in operation would be excluded from the period of limitations of any kind, in the proceedings to be resorted to or be initiated by other creditors such as operational and statutory creditors. The aforementioned application which is IA-1177/ND/2026 stands disposed. It goes without saying that if the basis on which the application under Section 12A of IBC, 2016, has been preferred ceases to exist at any point the applicant would be at liberty to move appropriate application to revive the proceedings. The application would be examined as and when the same would be preferred.