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Judgment
O R D E R
Ld. Counsel for the parties present.
2. IA(IBC)/716(KB)2022
This application has been filed by the IRP seeking withdrawal of the CIRP proceedings initiated vide order passed in CP(IB)/74(KB)2021 on 13/07/2022.
It is stated by the Ld. Counsel for the Operational Creditor that subsequent to passing of the order of admission, there has been a settlement arrived at between the parties and the entire amount of claim has been received and nothing remains pending.
We are also informed by the Ld. Counsel for the IRP that subsequent to the passing of the order for initiation of CIRP, CoC was not constituted.
In view of the facts and circumstances mentioned hereinabove, this application is being allowed while exercising inherent power of this Adjudicating Authority under Rule 11 of the NCLT Rules, 2016.Therefore, the order dated 13/07/2022 is hereby recalled. IRP is hereby released from his responsibility.
Both IA(IBC)/716(KB)2022and CP(IB)/74(KB)2021 shall stand disposed of.
File be consigned to the records.