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Judgment
ORDER
The parties are represented through learned counsels. The IRP is present in person.
The instant application is filed under regulation 30A of the IBBI (Insolvency Resolution Process for Corporate Person), 2016 with a prayer to allow the Operational Creditor to withdraw the instant application.
On perusal of the records, it is found that the application filed under Section 9 of the IB Code was admitted on 10.02.2020, thereafter, the IRP was appointed and he carried out necessary formalities.
IRP, Mr. Manish Kumar Bhagat is present in person and has ratified the content so made by the Operational Creditor. He has fairly submitted that he has received all his dues and expenses so incurred on his appointment as IRP.
Till date no COC has been constituted.
Accordingly, the moratorium ceased to have effect. The IRP is released from his duties. The Corporate Debtor is freed from the rigour of the CIRP.
Accordingly, the instant application is allowed and stands disposed off.