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Judgment
IA No. 174/CTB/2019, has been filed by the Operational Creditor praying admission of their CIR process which was initiated on 19.11.2019 on admission of their petition. Ld. Counsel for the Operational Creditor, Corporate Debtor and the RP are present before this Adjudicating Authority today. The Operational Creditor has filed this application for withdrawal of the TP No. 09/CTB/2019 in CP(IB) No. 1538/KB/2018. The Corporate Debtor, Operational Creditor and RP submits that no COC has been constituted. Reliance is placed on the decision of the Hon'ble Apex Court in the matter of 'Swiss Ribbons Pvt. Ltd. & Anr. Vs. Union of India & Ors.', W.P.(C) 99/2018. The CIR process can be terminated prior to the constitution of the COC on a compromise being effected between the parties. In view of the facts, the parties herein are entitled to seek termination of the CIR Process. Accordingly, 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 next date of hearing fixed in this case is hereby cancelled.
Accordingly, TP No. 09/CTB/2019 in CP (IB) No. 1538/KB/2018 is disposed off.