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Judgment
This application under Section 12A has been moved on behalf of Mr. Gagan Gulati, IRP stating that the matter has been settled between the parties and Form FA has been placed on record. The IRP further stated that CIRP was admitted by this Tribunal vide order dated 19.09.2022 and further stated that even the CoC was not constituted since the constitution of the CoC was stayed by the Hon’ble NCLAT vide its order dated 30.09.2022 in Company Appeal (AT) (Insolvency) No. 1196/2022.
Taking into consideration the abovesaid facts, the present CIRP proceedings initiated against the Corporate Debtor stands terminated and Corporate Debtor is free from all the rigours of the CIRP proceedings.
Learned Counsel for the IRP stated that his fees and CIRP costs has already been paid and therefore, IRP stands discharged. Management stands restored. IRP is directed to hand over all the assets, documents and requisite information to the management of the Corporate Debtor.
Accordingly, the present application i.e. IA/4996/ND/2022 stands allowed. IB-425/PB/2021 stands disposed of as withdrawn.