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Judgment
ORDER
Ms. Vinita Shetty, Ld. Counsel for the Applicant present.
This is an Application filed by the RP under Section 12A of the Code r/w Regulation 30A of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations 2016, seeking prayer from this Bench for allowing withdrawal of CIRP process initiated against the Corporate Debtor vide order dated 10.02.2023.
The RP submits that the after the constitution of CoC, the Corporate Debtor has settled the dues of the Financial Creditor. Thereafter, the Financial Creditor vide email dated 02.09.2023 sent an application in Form FA for withdrawal of Company Petition.
Ld. Counsel for the RP submits that the COC in its 3rd Meeting held on 07.09.2023 with 100% voting have passed a resolution for withdrawal of CIRP of the Corporate Debtor. The RP also filed form FA.
Since the conditions for withdrawal for CIRP u/s 12(A) and regulation 30(A) of Insolvency and Bankruptcy Code Board of India (Insolvency Process for Corporate Persons) Regulations 2016 are complete, this Bench has no objection for withdrawal of CIRP.
Accordingly, the Corporate Debtor is brought out of the rigours of CIRP and the RP is directed to handover the charge of the Assets and Affairs of the Corporate Debtor back to the Suspended Members of the Board of Directors. RP is discharged from his duties. The Suspended Members of the Board shall ensure that due of the RP are cleared, if not done earlier.
File be consigned to the records.
IA 4442/2023 is allowed and disposed of. C.P. (IB)/427(MB)2022 is closed.