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Judgment
ORDER
This is a second application filed by the Applicant/RP under Section 12A of the IBC, 2016 r.w. Regulation 30A of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, with the following prayers:
(i)To permit withdrawal of the Corporate Insolvency Resolution Process of the Corporate Debtor under Section 12A read with Regulation 30A of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 and recall the order dated 13.05.2025 passed in main company petition bearing number C.P. (LB.) No. 73 /9 (M.P.) 2022 in view of the Settlement Agreement dated 10.06.2025 executed by and between the Operational Creditor & Suspended Management of Corporate Debtor, pursuant to which the Form- FA has also been filed by the Operational Creditor;
(ii)To pass any other order which it may deem fit in the facts and circumstances of the case.
It has been stated by the Applicant/RP that after admission of the Corporate Debtor into the CIRP under Section 9 of the IBC, 2016, a settlement was arrived between the Operational Creditor and the Suspended Management vide the settlement agreement dated 10.06.2025 against outstanding debts of Rs.3,41,81,116/- & 2,13,00,000/-, which has been arrived to be paid by in tranches out of which one trench has already been paid.
Ld. counsel for the Operational Creditor has also been submitted the Form–FA to the IRP dated 12th June 2025, which is annexed as Annexure A-5 at Page No. 58, wherein the Operational Creditor states in the following manner:
(i)I, M/s. Shubhangi Papers Pvt. Ltd., had filed an application bearing Company Petition IB No. 73 of 2022 on 13.10.2022 before the Adjudicating Authority under Section 9 of the Insolvency and Bankruptcy Code, 2016. The said application was admitted by the Adjudicating Authority on 13.05.2025.
(ii)I hereby withdraw the application bearing Company Petition IB No. 73 of 2022 filed by me before the Adjudicating Authority under Section 9 of the Insolvency and Bankruptcy Code, 2016.
(iii)I have already paid the requisite amount as requested by the Interim Resolution Professional in compliance of Regulation 30A.
We have heard Ld counsel for the Applicant/RP and perused the record. Specially, the Form-FA, wherein the Operational Creditor have stated that he hereby withdraws the application/company petition, and he has already paid the requisite amount as requested by the Interim Resolution Professional in compliance with Regulation 30A, which is confirmed by the Counsel for the IRP, present through virtual mode.
In view of the above, the order of CIRP given by this Tribunal on 13.05.2025 is hereby withdrawn, and CP(IB) 73 of 2022 filed by the Operational Creditor is dismissed as withdrawn. IRP discharged from the liability. the Company is released from the rigour of the law, and the old management is to run the company.
In terms of the above, IA/262(MP)2025 is disposed of.