AI Structured Summary
Not yet generated for this judgment
Judgment
ORDER
Mr. Yash Jariwala, present counsel appearing for the IRP, Mr. Yogendra M. Kanchan, counsel appearing for the Operational Creditor are present through virtual hearing.
I.A.2267/2021
The above Interlocutory Application is filed by the IRP for withdrawal of the main company petition in view of the deed of settlement dated 30.08.2021 entered into between the Operational Creditor and the Corporate Debtor. It is the submission of the IRP that no claims have been received from any of the creditors nor any COC is constituted. The IRP further mentions that the CIRP expenses till the date of receipt of form FA have been also paid by the Operational Creditor.
Upon hearing the submissions and after perusing the material available on record, this bench feels that the above Interlocutory Application bearing No. 2267/2021 is deserves to be allowed. Accordingly, the above Interlocutory Application is allowed, and the main company petition stands disposed of as withdrawn by releasing the corporate debtor from all the rigours of moratorium.
Since the above company petition was withdrawn by the Operational Creditor on the basis of settlement agreement entered into with the Corporate Debtor, this bench hereby clarifies that no application for restoration of the company petition nor new company petition for initiating CIRP process against the Corporate Debtor shall be entertained even if there is any breach of consent terms committed by the Corporate Debtor.