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Judgment
IA No. 378/2026, is filed by the Interim Resolution Professional requesting for accepting the prayer for withdrawal of the Company Petition numbered as CP(IB)No.167/BB/2024. It was submitted that on the basis of the application made in CP(IB)No.167/BB/2024, CIRP was initiated under Section 9 of IBC, 2016, on 31.10.2025, appointing Shri Addanki Harish as IRP. Aggrieved by the admission of CIRP, the Corporate Debtor filed an appeal before honourable NCLAT on 09.12.2025. Honourable NCLAT granted a stay of CIRP proceedings even before the Committee of Creditors was formed. During the pendency of the appeal and stay granted by the honourable NCLAT, the Operational Creditor and Corporate Debtor have decided to amicably settle their dispute and reported the matter to honourable NCLAT. On 17.04.2026, the honourable NCLAT permitted filing of application under section 12A of the IBC, 2016, before the Adjudicating Authority being decided. Accordingly this, IA has been preferred by the IRP to bring on record Form-FA, dated 23.04.2026, supported by the member resolution of the withdrawal of the application filed under section 9 of the IBC, 2016.
Considering the facts and circumstances of the case in totality and also the directions of honourable NCLAT, wherein, it has been stated that the Adjudicating Authority will proceed to consider the Form-FA, without being affected by Interim Order granted by honourable NCLAT. We have gone through the application made and the prayers of the agreement reached between the Corporate Debtor and the Operational Creditor. After duly appreciating the issues involved, we allow the withdrawal of Company Petition being CP(IB)No.167/BB/2024.
Consequently, the Interim Resolution Professional is discharged from his responsibilities in this case.
IA No. 378/2026, is allowed and the Company Petition being CP(IB) No. 167/BB/2024, is closed.
Files be sent to the Record room.