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Judgment
This is an application by Resolution Professional on behalf of the applicant/Operational Creditor under Section 12A of IB Code read with Regulation 30A of IBBI (IRP For CP) Regulations, 2016 seeking the discharge of the Corporate Debtor and disposal/withdrawal of the CIRP proceedings along with the affidavit.
In this application, the applicant has prayed for withdrawal of CP No. IB-3213(ND)/2019 and seeking discharge of the Corporate Debtor and disposal/withdrawal of the CIRP initiated against the Corporate Debtor in terms of Section 12A of the IB Code, 2016. The CoC was formed and the original petitioner (OC) is the sole member of the CoC.
Having heard the submissions that no assets are available and liquidation is also not a viable option, the Operational Creditor has intended to withdraw the present proceedings and the Resolution Professional has submitted that his fees and other expenses have been paid and having gone through the facts and circumstances of the case, this Tribunal is of the view that the proposal can be permitted. Therefore, the CP (IB No. 3213 of ND/2019)'s CIRP initiated stands terminated against the Corporate Debtor in terms of Section 12A of IB Code and the Corporate Debtor is relieved from the clutches of CIRP process. The Resolution Professional is discharged from his duties and functions relating to CIRP of the Corporate Debtor. The case folder and other connected papers may be consigned to record room. The interlocutory application no. 4312 of 2021 and 2883 of 2021 have now become infructuous.