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Judgment
ORDER
IA(I.B.C)/1744 (CH)2024
The present application has been filed under Section 12A of Insolvency & Bankruptcy Code, 2016 for withdrawal of CIRP. It is stated by learned counsel for the Resolution Professional that the CoC has approved the agenda for withdrawal of the CIRP process in its 7th meeting held on 27.07.2024 at Agenda No.1 with 100% voting rights. Copy of settlement deed along with Form FA has also been placed on record as Annexure R1 at page No.11 to 17. It is stated by the learned counsel for the Resolution Professional that the matter has been mutually settled between the parties with the amount of Rs.1.45 crore.
Heard, keeping in view the facts and circumstances mentioned in the application and in view of the submissions made by learned counsel for the Resolution Professional, IA(I.B.C)/1744 (CH)2024 for withdrawal of CIRP is allowed. As a consequence, moratorium declared under Section 14 of the Code comes to an end and the corporate debtor is discharged from the claims in lieu of the said petition and is free from the rigors of the Code and Regulations made thereunder. Henceforth, the RP is discharged and the Board of Directors is restored to its original position. Thus, IA(I.B.C)/1744 (CH)2024 is allowed & disposed of accordingly.
IA(I.B.C)/173 (CH) 2021
The present application has been filed under Section 33(1) of Insolvency & Bankruptcy Code, 2016 of Liquidation of Corporate Debtor. In view the order passed in IA(I.B.C)/1744 (CH)2024, it is stated by the RP that IA(I.B.C)/173 (CH) 2021 has become infructuous. Keeping in the view statements made by the RP, IA(I.B.C)/173 (CH) 2021 stands rendered infructuous and disposed of accordingly.