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Judgment
Shri Deep Chandra Joshi, Judicial Member
This is an application under Section 12-A of the IBC, 2016 read with Persons) Regulations, 2016 submitted by the Resolution Professional (RP) of
the Corporate Debtor (M/s Divyanshi Mineral & Metal Private Limited) for withdrawal of the matter admitted under Section 9, bearing No. Company
Petition (IB) No. 70/9/JPR/2019.
It is submitted that CIRP application against the said Corporate Debtor was admitted vide order dated 03.09.2019 in terms of Section 9. A public
announcement in Form-A was duly made. The IRP constituted the Committee of Creditors in compliance of Section 18(l)(c) and Section 21(1) of the
Code. It is also submitted that in the first meeting of the CoC held on 13.11.2019, the IRP was appointed as Resolution Professional (RP) as per the
provisions of Section 22(3)(a) of IBC, 2016. The RP had appointed two registered valuers for each asset class to determine the fair value and
liquidation value of the Corporate Debtor.
In view of the settlement of the matter as aforementioned, approval by CoC and submission of Form-FA, the instant application for withdrawal is
considered. For the reasons mentioned in the application and in view of the compliance of the requirements instant IA is allowed and accordingly CP
No. (IB)-70/9/JPR/2019 is allowed to be withdrawn. The respondent Corporate Debtor is released from all the rigours of insolvency proceedings. The
moratorium shall cease to have effect. The Board is restored and the RP shall handover the possession / control of the Corporate Debtor and return
the record, if any, to the Board. The RP is discharged accordingly.
IA No. 166/JPR/2021 and CP No. (IB)-70/9/JPR/20219 are accordingly disposed of as settled / withdrawn.