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Judgment
IA/417/2024
This is an application filed by the IRP under Section 12A of the IBC, 2016 read with Regulation 30A seeking liberty to withdraw the Section 9 petition i.e. IB-2417/ND/2019.
Heard the Ld. Counsel on behalf of the Applicant. It was submitted that Section 9 petition was admitted by this Adjudicating Authority vide order dated 19.03.2021 and CoC in its meeting held on 24.01.2024 by 100% voting considered a proposal for withdrawal and resolved that an application for withdrawal of the CIRP be filed before this Adjudicating Authority.
Ld. Counsel for the Petitioner has submitted that the matter has been settled with the Corporate Debtor. Ld. Counsel also submitted that CIRP expenses have already been paid. In view of the provisions contained in Section 12A of the IBC read with Regulation 30A of the IBBI, CIRP Regulations, 2016 and in view of the resolution passed by the CoC with 100% voting, liberty is granted to the Applicant to withdraw the Company Petition i.e. IB-2417/ND/2019 and the same is dismissed as withdrawn.
Corporate Debtor is restored to its original management and the RP is discharged from its duties. The moratorium issued under Section 14 will cease to have effect. RP is directed to handover all the materials and documents available with him to the erstwhile management of the Corporate Debtor.
With these observations, IA is disposed of.