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Judgment
Heard learned counsel for the Appellant. Learned counsel for the Bank of Baroda is also present. This Appeal has been filed by suspended director of the Corporate Debtor challenging the order dated 30.01.2023 passed by the Adjudicating Authority by which order Section 7 application filed by the Bank of Baroda has been admitted.
Learned counsel for the Appellant submitted that OTS proposal submitted by the Corporate Debtor has been sanctioned by the Bank on 18.02.2023 and payment has been made to the Bank. It is submitted that the Financial Creditor is taking steps for filing an application under Section 12A read with Regulation 30A through IRP before the Adjudicating Authority for closure of the CIRP proceedings. It is submitted that CoC has not yet been constituted so far.
In view of the above, we are of the view that no purpose shall be served in keeping this appeal pending. Appeal is disposed of with liberty to the Financial Creditor to file an application through IRP for withdrawal of petition under Section 12A read with Regulation 30A before the Adjudicating Authority.
Till the Adjudicating Authority passes an order on application under Section 12A, no steps shall be taken by the IRP in pursuance of order dated 30.01.2023.
Liberty if reserved to the parties to revive the Appeal if any occasion so arises.