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Judgment
O R D E R
This is an Application under Section 12A of the Insolvency and Bankruptcy Code (the Code for short) seeking withdrawal of the Company Petition.
One M/s Kedari Food Exports India Private Limited sought Corporate Insolvency Resolution Process (CIRP) of the Respondent M/s Crystal Sea Foods Private Limited in CP (IB) No. 153/09/AMR/2019. This Authority by an order dated 23.10.2019 admitted the Petition and directed initiation of the CIRP of the Respondent. While doing so this Authority appointed the present Applicant as the Interim Resolution Professional (IRP). Pursuant to the order she made necessary public announcements. Meanwhile the parties entered into a compromise and settled the matter under an agreement dated 15.11.2019. The Board of Directors of the Respondent resolved to settle the matter in their meeting dated 12.11.2019. The Settlement agreement and the extract of the Board Meeting has been filed. The Insolvency Resolution Professional (IRP) accordingly filed the present application seeking withdrawal of the CIRP process.
3 I have heard the learned counsel for the IRP as well as the IRP. It is submitted by the IRP that in view of the settlement between the parties the meeting of the CoC may be dispensed with.
Considering the settlement between the parties and the amount received by the Corporate Debtor pursuant thereto, it will be appropriate to order withdrawal of the Company Petition admitted under section 9 of the Code. Since the parties have settled it would also be appropriate to direct dispensation of the meeting of the CoC. Hence ordered.
ORDER
The Interim Application be and the same is allowed without contest. The Company Petition No. CP (IB) No. 153/09/AMR/2019 is hereby withdrawn under section 12A of the Code, read with Rule 11 of the NCLT Rules. Constitution of the CoC is accordingly dispensed with. The Corporate Debtor is directed to make good the dues of the Insolvency Resolution Professional forthwith.