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Judgment
ORDER
CA 878/2019 has been filed by the Operational Creditor praying for termination of the CIR process as their claims have been settled in full satisfaction.
The facts of the case are that the Operational Creditor's petition had been admitted vide an order dated 1st July, 2019. On 8th July, 2019, a settlement was arrived at. The IRP, Mr. Manoj Aggarwal is present in court and confirms due intimation of the settlement. It is submitted that though publication had been effected, no claim had been received by him in this respect.
Keeping in view the directions given by Hon'ble Apex Court in the matter of Hon'ble Apex Court in the matter of 'Swiss Ribbons Pvt. Ltd. & Anr. Vs. Union of India & Ors.', W.P.(C) 99/2018, the parties are permitted to enter into a compromise and seek termination of the CIR process. No COC has been constituted as yet. In view of the facts and circumstances of the case this application is allowed. 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. The IRP present in court confirms that his professional fees has been reimbursed.
No further orders are called for. File be consigned to records.
The next date of 19th August, 2019 is hereby recalled.