AI Structured Summary
Not yet generated for this judgment
Judgment
IA No. 62/2023
The present application has been filed under Section 12A of the Code read with Regulation 38 of Resolution Process Regulations for withdrawal of CP(IB) No. 431/Chd/Hry/2019 admitted on 29.09.2022 for initiation of CIRP against the Corporate Debtor. The said withdrawal is stated to be on the basis of the settlement between the Directors of the Corporate Debtor and sole creditor. This withdrawal has been approved by CoC in its third meeting with 100% voting rights and authorized Resolution Professional has moved the present application. Keeping in view the facts and circumstances mentioned in the application, the present application is allowed and CP(IB) No. 431/Chd/Hry/2019 is dismissed as withdrawn. 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 rigours of the CIR Process and Regulations made thereunder. Henceforth, the IRP is discharged and the Board of Directors is restored to its original position. Thus IA No. 62/2023 is disposed of accordingly.