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Judgment
A memo of compliance in IA (IBC)/392/2023 is filed. Mr. P. Ramesh Babu, Ld. Counsel for the RP present. Heard. This application is allowed, vide separate orders.
This is an Application filed by Resolution Professional in terms of Section 12A of IBC, 2016 read with Regulation 30A of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 seeking leave of the Tribunal for withdrawal of CP(IB)/21/7/AMR/2021, which was admitted by this Tribunal by its orders dated 10.05.2022. It is submitted that parties have settled the matter and hence RP filed this Application seeking withdrawal of this Company Petition. The Petition is accompanied by the settlement agreement dated 28.10.2023. Further, RP has confirmed that the CIRP costs of Rs. 51 Lakhs are paid.
According to Section 12A, the Adjudication Authority may allow the withdrawal of Application admitted under Section 7 or Section 9 or Section 10 on an application made by Applicant with approval of (90%) voting share of the Committee of Creditors. The Committee of Creditors has granted approval for the settlement and withdrawal of the Company Petition with (100%) voting share.
Under these circumstances this IA (IBC)/398/2023 is allowed and consequently the CIRP order passed in the CP (IB)/21/7/AMR/2021 dated 10.05.2022 and the interim moratorium granted vide above order stands vacated forthwith. The Corporate Debtor is at liberty to function as per law on its own. Accordingly, IA is allowed and disposed and the Company Petition is dismissed as withdrawn.