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Judgment
O R D E R
IA (IBC) No.555 of 2022 :
Resolution Professional is present. Shri Bhupesh, learned counsel for the Resolution Professional is present. Learned counsel for the Operational Creditor is present. This IA is filed by the IRP seeking leave of the Tribunal to withdraw Corporate Insolvency Resolution Process (CIRP) as ordered against the Corporate Debtor vide order dated 13.05.2022 on the ground that the matter has been settled between the parties vide Memorandum of Compromise dated 10.06.2022, a photocopy of which has been filed along with the petition. Both the IRP and learned counsel for the petitioner submitted that the matter has been settled amicably and leave may be granted to withdraw CP(IB) No. 419/9/HBD/2020.
Heard both the sides. Perused the record. Satisfied with the reasons furnished in Memorandum of Compromise dated 10.06.2022. IA (IBC) No.555 of 2022 is allowed. Consequently, Corporate Insolvency Resolution Process (CIRP) as ordered against the Corporate Debtor vide order dated 13.05.2022 is hereby withdrawn. Corporate Debtor is at liberty to function on its own in accordance with law. IA (IBC) No.555 of 2022 is allowed. CP(IB) No. 419/9/HBD/2020 is disposed of as withdrawn.