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Judgment
4 paragraphs · 115 words
ORDER
IA-3638/2023: It is an application filed by IRP under Section 12A of IBC 2016 read with Regulation 30A of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 for withdrawal of CIRP. The Applicant has placed on record Form FA on record, which is on page no. 31-32 of the application duly signed by the Operational Creditor on whose instance the CIRP was initiated.
In view of the submissions made by the Ld. Counsel appearing for the applicant in IA-3638/2023 and the averments made therein, the IA is allowed. The Corporate Debtor is released from the rigors of CIRP and is allowed to function through its Regular Board.
The IB-231/ND/2023 is dismissed as withdrawn.