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Judgment
It is being confirmed that the CIR process stood terminated on the last date of hearing and the matter has been adjourned for today to ensure that the IRP's dues are settled.
Ld. Counsel for the petitioner submits that they undertake to pay the expenses of Rs. 28,000/- incurred for publication in addition to the professional fees of Rs. 50,000/-. The settlement had been entered into in the initial stage and the COC had not been constituted. Keeping in view the professional work done, this Bench is of the opinion that Rs. 50,000/- reimbursed to the IRP for the said period is a justified amount. This amount has already been received by IRP. The expenses towards publication shall be remitted to him within 2 days. CIR process stands terminated. The Corporate Debtor is released from the rigours of the moratorium and is permitted to function through its own board. The petition stands disposed off.
File be consigned to records.