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Judgment
ORDER
IA No.179/CTB/2019, has been filed by the Operational Creditor praying for termination of the CIR process which was initiated on 02.12.2019 on admission of their petition. I.d. Counsel for the Operational Creditor and Corporate Debtor and their counsels are present before this Adjudicating Authority today. The parties have settled the claims between themselves under Memorandum of settlement. The Operational Creditor had already received the portion of as per the Memorandum of settlement. Hence, they seek permission of the Adjudicating Authority to withdraw the application filed by Operational Creditor. The IRP appointed by the Adjudicating Authority is not present before this Adjudicating Authority. The Corporate Debtor and Operational Creditor submits that no COC has been constituted. The Operational Creditor has settled the dues to the IRP. Reliance is placed on the decision of the Hon'ble Apex Court in the matter of 'Swiss Ribbons Pvt. Ltd. & Anr. Vs. Union of India & Ors.', W.P.(C) 99/2018. The CIR process can be terminated prior to the constitution of the COC on a compromise being effected between the parties. In view of the facts, the parties herein are entitled to seek termination of the CIR Process. Accordingly, the CIR process stands terminated.
The Corporate Debtor is released from the rigours of the moratorium and is permitted to function through its own board.
In view of the same, IA No. 179/CTB/2019 stands disposed off.
The next date of hearing fixed in this case is hereby cancelled.
Accordingly, CP (IB) No. 103/CTB/2019 is disposed off.