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Judgment
IA-1193/2021:-
The IA has been filed by the Resolution Professional. The Authority letter dated, 02.03.2021 of the Financial Creditor to withdraw the Petition i.e., CP No. IB-928/ND/2020 filed under Section 7 of the IBC, is annexed with the application. The MOU dated 22.02.2021 is attached that provides the terms of the settlement between the Financial Creditor and the Corporate Debtor. The MoU contains the signatures of the authorized signatories for the Financial Creditor and the Corporate Debtor. List of dates and events is also placed on record by the Resolution Professional. The Financial Creditor has received full and final payment from the Corporate Debtor. The order of admission of the Petition mentioned above, was passed on 16.02.2021 and the CoC has not been constituted. The Petition has been filed through the IRP which is in the prescribed format.
The application is allowed. Order dated 16.02.2021 is hereby recalled. The moratorium declared shall seize to have affect from the date of this order. The remuneration of the IRP has been paid; the IRP is relieved. The Corporate Debtor viz., M/s. Rudra Buildwell Construction Private Limited is free from rigors of CIR Process and may carry on its business as normal entity. The main Petition i.e., CP No.IB-928/ND/2020 is dismissed as withdrawn.