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Judgment
IRP along with the Counsel is present. The Application has been filed under Regulation 30-A of the Regulations. It is stated that CoC has not been constituted and the matter has been settled. The prayed is made for withdrawal of the CIR Process and to allow the Corporate Debtor i.e., M/s. Preview Realtech. Private Limited to function as a normal entity.
Heard & Perused the application filed by the IRP. Since the matter has been settled and the CoC has not been constituted. Therefore, in exercise of the powers conferred under regulation 30-A of the Corporate Insolvency Resolution Process Regulations, the order dated 14.2.2020 by which the CIR Process was initiated against the CD is recalled. The Moratorium declared shall cease to have effect from the date of this order. The IRP stands relieved. The Corporate Debtor i.e. M/s. Proview Realtech Private Limited shall continue to function as normal entity from the date of this order, as if, no CIR process was initiated.
The Resolution Professional submitted that an amount of Rs.1,30,000/- is yet to be paid by the Corporate Debtor. The Counsel for the Corporate Debtor, viz., Mr. Shantwanu has given an undertaking in oral that the CD will pay the amount of Rs.1,30,000/- to the IRP within a week's time from the date of this order.
Having given the assurance, the Application is allowed and IB-1685/ND/2019 is dismissed as withdrawn. The company is directed to pay a sum of Rs.1,30,000/- to the R.P within a week's time