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Judgment
ORDER
Ld. Resolution Professional (RP) as well as Ld. Counsel for the Operational Creditor is present.
CA(IB) No. 272/KB/2019 is an application filed u/s. 12A of the Insolvency and Bankruptcy Code, 2016 by the Resolution Professional for permitting to withdraw the C.P.(IB) No. 509/KB/2018. CP filed by the Operational Creditor has been admitted vide order dated 14/09/2018. Ld. RP submits that the matter was settled out of the Tribunal and claim of the Operational Creditor has been paid. Fees and resolution costs has been paid of and there is nothing due to him. Therefore, no question of submission of bank guarantee arises. Submitted by the Ld.RP.
The requirement to be meted out as per Section 12A of the Insolvency and Bankruptcy Code, 2016 read with Regulation 30A of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 is complied, it appears to me that the application is liable to allowed. Accordingly, allowed.
CA(IB) No. 272/KB/2019 is disposed of. CP(IB) No.509/KB/2018 is hereby advanced to this date and disposed of as withdrawn.