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Judgment
This Application filed under Section 12A of the Insolvency and Bankruptcy Code, 2016 Read with Regulation 30A of IBBI (Corporate Insolvency Resolution Process) Regulations, 2016 and Rule 11 of NCLT Rules, 2016 seeking to withdraw the TCP (IB) No. 07/9/AMR/2019, which is admitted by this Tribunal vide its order dated 27.04.2022.
Heard the Counsel for the Applicant. This Application to withdraw the Company Petition as per Section 12A of the Insolvency and Bankruptcy Code, 2016 has to be filed through IRP. But strange circumstances appear to be existing in this particular case. The order passed by this Tribunal is dated 27.04.2022 by virtue of which Mr.Koteswara Rao Gutta was appointed as IRP. But the fact remains that the IRP was not eligible for appointment as he attained age of 70 years by 06.04.2022 and was not eligible to be appointed as IRP. After the order came to be passed, a settlement was entered into within no time, which is on 06.05.2022. Since, there is no IRP in existence at this particular point of time and since the settlement was arrived between the parties, this application had to be moved by both Operational Creditor and Corporate Debtor. Hence, invoking the inherent powers under Rule 11 of NCLT Rules, 2016 this Tribunal is inclined to allow the Application, since both the parties have jointly filed this Application for withdrawal of CIRP proceedings against the Corporate Debtor.
Accordingly, TCP (IB) No.07/9/AMR/2019 along with I.A.No.100/2022 are disposed of.