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Judgment
ORDER
Adv. Drishti Ojha for the Applicant and Ms. Charudutt Marathe Resolution Professional in person are present.
This Application is filed by Shri. Charudutt Marathe, the Interim Resolution Professional (IRP) under Section 12A of the IBC, 2016 read with Regulation 30A of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 seeking withdrawal of withdrawal of the CIRP process commenced in terms of order dated 26.05.2025 passed in Restored Company Petition (IB) No. 01 of 2025. It is submitted that the Operational Creditor and the suspended Director of the Corporate Debtor have entered into a Settlement Agreement dated 18.06.2025 whereby, the dues owed to the original Applicant Creditor have been settled. It is also submitted that the claims from the Creditors were invited in terms of public announcement dated 30.05.2025 and claims from three Financial Creditors were received however the CoC is yet to be constituted. The Applicant has placed on record a Form FA dated 17.06.2025 submitted under Regulation 30A.
This Bench directed the Applicant to communicate the Copy of order dated 11.12.2025 to all the Creditors from whom claims were received in the CIRP process after recording the submissions of the Applicant that he had three Financial Creditors out of which two Financial Creditors have indicated their consent or no objection to the withdrawal and he undertakes to file the Additional Affidavit in this relation. The Additional Affidavit dated 16.12.2025 is placed on record.
It is noted that two secured Financial Creditors who have consented to withdrawal, and the remaining third Financial Creditors, who is unsecured, has not responded to the communication sent by IRP pursuant to directions of this Bench. None has appeared before us also today to object to the withdrawal.
In view of the aforesaid, we consider it appropriate to allow the present Application for withdrawal of CIRP process. In view of this, the Corporate Debtor is taken out of the rigors of CIRP with immediate effect and the moratorium under Section 14 ceases to be in force. The Applicant is directed to handover management and records of the Corporate Debtor to its suspended Board of Directors forthwith, whereupon he shall stand discharged. Needless to say, the fees and CIRP expenses shall be borne by the Corporate Debtor and paid by the suspended board immediately.
In terms of the above, the IA (I.B.C)/5222(MB)2025 is allowed and disposed of.