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Judgment
IA 1243/2020 has been filed by the IRP invoking the provisions of section of 12(A) read with Regulation 30(A) of the Insolvency Resolution Process Regulation 2016. The IRP is present in person along with his Counsel. As submitted claims of the 4 members of the COC have been settled. This fact has been duly confirmed by the counsel appearing for the Financial Creditors.
The resolution to terminate the resolution process was unanimously passed by the members of the COC in their meeting dated 12th February 2020. The said resolution appears at page 16-17 as Item No. B(2) on the Agenda. The voting share of each applicant approving the termination has also been placed on record. The present application for withdrawal of the CIR process has been filed in Form FA. The IRP further confirms that all his dues has been settled. Nothing further survives.
In view of the above submissions, this application stands allowed and the CIR process stands terminated. The Corporate Debtor is released from the rigours of the moratorium and is permitted to function through its own Board.
Copy of the order be given Dasti.