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Judgment
O R D E R
Ld. Counsel appearing for the parties present.
IA(I.B.C)/426(KB)2025:
a. An application has been preferred by the IRP of the Ideal Real Estate Private Limited in regard to the CIRP process initiated against the Ideal Real Estate Private Limited, the Corporate Debtor to seek the following releifs: -
“C.P.(I.B) No. 127/KB/2023 be disposed as withdrawn in terms of the restructuring agreement executed between the Financial Creditor and Corporate Debtor on 14th December, 2024;
To set aside the order of initiation of Corporate Insolvency Resolution Process passed on 5th April, 2024 in C.P.(IB) No.127/KB/2023;
To Discharge Interim Resolution Professional;
Such other and/or further orders be made and/or directions be given as this Hon’ble Tribunal deems fit and proper.”
b. It is submitted that the CIRP was initiated against the Corporate Debtor on 05th April, 2024, however, the order was stayed by the Hon’ble NCLAT on 09th April, 2024 due to which no CoC was formed and no resolution plans were received and the matter did not proceed even to the stage of appointing for confirming the RP. Meanwhile, settlement talks were going on between the Corporate Debtor and the Financial Creditor, culminating into an agreement entered into between them, which appears at page 40 which is a letter of settlement.
c. The amount in default was Rs. 7,38,31,923.80/- when the application was filed. Due to some payments made by the Corporate Debtor, in the meantime the amount got reduced and finally the matter was settled at the principal amount as it stood after part payment from the Corporate Debtor, at Rs.3,43,39,086/-as on 04th December, 2024 as it appears from page 49 which is the restructuring payment schedule extracted hereunder for clarity.
d. Form FA regarding the withdrawal of the application is at page 54.
e. It is also submitted by the Ld. Counsel for the RP that CIRP costs have been paid in full and the restructuring agreement itself provides for a revival clause in the event settlement terms are violated or CP fails adhere to the terms of the restructuring settlement agreement, the CP would be revived.
f. Accordingly, having noted as above we permit the CP to be dismissed as withdrawn and allowed the prayer made in the application in terms of the restructuring agreement entered into between the parties on 14th December, 2024.
g. The appointed IRP is discharged from all his duties.
C.P. (IB)/127(KB)2023 along with IA(I.B.C)/426(KB)2025 stands disposed of.