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Judgment
ORDER
IA No. 155/CTB/2019, has been filed by the Operational Creditor praying for termination of the CIR process which was initiated on 27.09.2019 on admission of their CP(IB) No. 51/CTB/2019. Ld. Counsel for the Operational Creditor and authorized representative on behalf of the Corporate Debtor are present before this Adjudicating Authority today. The RP has filed 2nd progress report and is present today. Meanwhile, both the parties have settled the claim between themselves under deed of settlement dated 30.10.2019. The RP submits that CoC meeting was held on 08.11.2019. The CoC meeting on 08.11.2019, approved with 100% voting for filing the petition under Section 12A for withdrawal of the CIRP. Hence, they seek permission of the Adjudicating Authority to withdraw the application filed by Operational Creditor under Section 12A of IBC, 2016.
The Corporate Debtor is released from the rigors of the moratorium and is permitted to function through its own board.
The next date of hearing in the case is hereby cancelled.
Accordingly, CP(IB) No. 51/CTB/2019 is disposed off.