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Judgment
IA NO.726/2021 is filed by the Applicant/Resolution Professional under Section 60(5) , 12A of the I&B Code, 2016 read with Regulation 30 A(1)(A) of the CIRP Regulation, 2016 and also read with Rule 11 of NCLT Rules, 2016.
Learned Counsel for IRP Ms.Divya Kaur, appeared via video conference.
Mr.Ram Niwas Jalan, IRP appeared via video conference and submitted that IA No.726/2021, is filed by the IRP under Section 12 A for withdrawal of the main CP(IB)No.583/9/HDB/2019 on the ground that the claim is settled amicably between the parties.
It is stated inter-alia examining the books of accounts of corporate debtor, it is found that the corporate debtor unit is a going concern and the same will be beneficial for the interest of the corporate debtor as well as other stake holders of the corporate debtor. In the light of the submissions, the IA No.726/2021 is hereby allowed.
IA NO.726/2021 is filed by the Applicant/Resolution Professional under Section 60(5) , 12A of the I&B Code, 2016 read with Regulation 30 A(1)(A) of the CIRP Regulation, 2016 and also read with Rule 11 of NCLT Rules, 2016.
Learned Counsel for IRP Ms.Divya Kaur, appeared via video conference.
Mr.Ram Niwas Jalan, IRP appeared via video conference and submitted that IA No.726/2021, is filed by the IRP under Section 12 A for withdrawal of the main CP(IB)No.583/9/HDB/2019 on the ground that the claim is settled amicably between the parties.
It is stated inter-alia examining the books of accounts of corporate debtor, it is found that the corporate debtor unit is a going concern and the same will be beneficial for the interest of the corporate debtor as well as other stake holders of the corporate debtor. In the light of the submissions, the IA No.726/2021 is hereby allowed.
CP (IB) No. 583/9/HDB/2019 is disposed as withdrawn.
The Moratorium under Section 14 stands vacated. The Corporate Debtor is allowed to function independently through its Board of Directors with immediate effect.