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IA No.1424/2022
The present application has been filed under Section 12A of the IBC, 2016 read with Regulation 30A of the Insolvency and Bankruptcy Board of India (Insolvency and Bankruptcy Resolution Process for Corporate Persons) Regulations 2016 for withdrawal of Company Petition admitted for initiation of CIRP of the corporate debtor vide order dated 30.06.2022. It is stated by learned counsel for the Resolution Professional that the CoC has approved the agenda for withdrawal of the CIRP process in its second meeting held on 12.09.2022 at item No.9 with 100% voting rights. Copy of settlement deed along with Form A has also been placed on record.
Heard, keeping in view the facts and circumstances mentioned in the application and in view of the submissions made by learned counsel for the Resolution Professional, IA No.1424/2022 filed for withdrawal of CP (IB) No.2/Chd/Hry/2021 is allowed and CP (IB) No.2/Chd/Hry/2021 is dismissed as withdrawn. As a consequence moratorium declared under Section 14 of the Code comes to an end and the corporate debtor is discharged from the claims in lieu of the said petition and is free from the rigours of the Code and Regulations made thereunder. Henceforth, the RP is discharged and the Board of Directors is restored to its original position. Thus, IA No.1424/2022 is disposed of.
CP (IB) No. 2/Chd/Hry/2021
In view of the order passed in IA No.1424/2022, CP (IB) No. 2/Chd/Hry/2021 is dismissed as withdrawn.