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Judgment
A Progress report filed by the IRP is on record. Pursuant to the public announcement, it is submitted that no claims have been received. The only claim received is that of the petitioner herein as the Operational Creditor. The presence of the IRP was required to confirm the constitution of the CoC as an application under Section 12A of the Code has been filed praying for termination of the CIR process, in view of settlement arrived at between the parties. This application is duly annexed with the affidavit of Mr. Balram Nathani Director of the Operational Creditor confirming their consent for termination of the CIR process. In view of the facts of the case having been confirmed by the IRP, there is no legal impediment in terminating the CIR process. Accordingly, the CIR process stands terminated, the Corporate Debtor is released from rigorous of the moratorium and is permitted to function through its own Board.
Petition stands disposed off. File be consigned to the Record Room.