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Judgment
Heard learned counsel for the parties as well as the IRP. This Appeal has been filed against order dated 28.06.2022 by which application under Section 9 filed by ‘Bansal Industries’ has been admitted. The Suspended Director of the Corporate Debtor has come up in this Appeal challenging the order of admission.
It is submitted by learned counsel for the Appellant that a Settlement has been entered between the parties, which submission is not denied by the learned counsel appearing for the Operational Creditor. Learned counsel for the IPR submits that the CoC having been constituted the application has to be filed under Section 12A before the Adjudicating Authority for withdrawal of the CIRP.
In view of the aforesaid, we permit the Appellant to withdraw this Appeal and file appropriate application under Section 12A alongwith the approval of the CoC, which may be considered and appropriate orders be passed by the Adjudicating Authority. With the aforesaid observations, Appeal is permitted to be withdrawn. Appeal stands disposed of.