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Judgment
The applicant was admitted to CIRP process after contentious and detailed arguments. When the claims are being invited and some of the claimants have filed their claims, Operational Creditor who filed CP(IB)/46(CHE)2022 requested the IRP to initiate withdrawal proceedings by filing this application in view of the settlement arrived between the Operational Creditor and Corporate Debtor.
Prima facie, it appears to us that the process under IBC has been used by the Applicant / Petitioner in the main company petition CP(IB)/46(CHE)2022 to recover their dues.
In the light of the above, we allow IA(IBC)/272(CHE)2023 for reasons stated in the application and dismiss CP(IB)/46(CHE)2022 as withdrawn subject to payment of cost of Rs.3,00,000/- towards “Prime Minister’s National Relief Fund”.
Cost to be paid by the Applicant in CP(IB)/46(CHE)2022 within a period of 10 days from the date of this order.
IRP is released from the assignment and company is released from the rigours of the law and permitted to operate through its Board of Directors.
List for compliance on 14.03.2023.