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Judgment
ORDER
This is an application filed by the IRP in terms of Section 12 A IBC, read with Regulation 30 (A) of the IBBI, IRP for CP Regulation 2016 seeking the liberty to withdraw the Section 7 Petition i.e. IB-1457/PB/2019.
Heard the Ld. Counsel for the IRP. It was submitted that Ld. Counsel on behalf of the Financial Creditor is also present and submitted that they have received full claim amount from the Corporate Debtor and the matter has been settled between the Corporate Debtor and therefore, they have instructed the IRP to file this application. Accordingly, the IRP has filed this application in terms of the Regulation 30 (A) (1) (a) and (3).
Ld. Counsel for the IRP in person is also present who submitted that he has received all his payments. Since, there is already a settlement between Financial Creditor and Corporate Debtor and no amount is left to be paid by the Corporate Debtor, liberty is granted to the Financial Creditor to withdraw the Section 7 petition i.e. IB-1457/PB/2019 and the same is dismissed as withdrawn. All papers be send to record room.
The IRP shall stand discharged and the moratorium issued under Section 14 stands revoked.