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Judgment
I.A. 4325/2023
Mr. Amit Tungare for the Applicant is present through VC. This matter is taken up upon mentioning.
This application has been filed by the Interim Resolution Professional under Section 12A read with Regulation 30A of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 for withdrawal of the CIRP initiated against the Corporate Debtor.
The Company Petition No. 503/2023 was filed by the Financial Creditor against the Corporate Debtor under Section 7 of the Code and the same was admitted vide order dated 28.07.2023. Thereafter, public announcement was made on 12.08.2023 and the applicant was appointed as Interim Resolution Professional.
It is submitted that on 22.08.2023, the matter has been officially settled between the Corporate Debtor and Financial Creditor. Thereafter on 28.08.2023, the Applicant also received Form – FA (i.e., Application for Withdrawal of Corporate Insolvency Resolution Process) from the Financial Creditor under Regulation 30A of the CIRP Regulations, since the COC is not constituted, the approval of the COC is not required.
After hearing the submissions of the applicant and upon going through the averments made in the application, this bench feels that this is fit case for allowing the application. Accordingly, the above application is allowed and the CIRP order dated 28.07.2023 passed against the Corporate Debtor stands withdrawn by relieving the Corporate Debtor from all the rigorous of moratorium.
In view of withdrawal of the main company petition, all pending I.A's and M.A's if any also shall stands disposed of.