AI Structured Summary
Not yet generated for this judgment
Judgment
ORDER
I.A. 2186/2021
The above application is filed by the IRP, Mr. Manojkumar Jain under section 12A of the Code for withdrawing the main Company Petition 846 of 2020 in view of the settlement entered into between the Operational Creditor and the Corporate Debtor. The Applicant vide email dated 24.09.2021 has been informed by the Corporate Debtor that the Corporate Debtor and Operational Creditor have amicably settled the matter for an amount of 60,00,000/-against the total amount of 70,70,701/- and the demand draft No. 012355 pertaining the said transaction was handed over to the Operational Creditor by the Corporate Debtor after entering into settlement deed dated 17.09.2021. The Operational Creditor has also paid the fees of the IRP in a sum of Rs. 1,00,000/- including legal expenses incurred for withdrawal of the CIRP. The Applicant further submits that the Operational Creditor has submitted Form FA dated 24.09.2021 for withdrawal of CIRP process. No COC is constituted yet. After hearing the submissions made by the IRP and upon perusing the material available on record, this Bench feels that the above I.A. deserves to be allowed and accordingly, the same is allowed and the CIRP admission order dated 08.09.2021 passed by this Bench against the Corporate Debtor is withdrawn by releasing the Corporate Debtor from all rigours of moratorium.