Chetan Singhal vs M/s Shiv Mahima Milk Products Pvt. Ltd.

IA No. 397/JPIU2020:-

Both sides submit that the IA has become infructuous. Accordingly, the same is dismissed as infructuous.

IA No. 410/JPR/2020:-

The instant application has been filed by the applicant seeking urgent hearing of IA No. 411/JPR/2020. In the circumstances, IA No. 410/JPR/2020 is

allowed to the extent of urgent hearing and is disposed of accordingly.

IA No. 411/JPR/2020 is taken up for hearing.

IA No. 411/JPR/2020:-

This application has been filed by the Resolution Professional of Mls Shiv Mahima Milk Products Pvt. Ltd., i.e. Corporate Debtor, under Section l2A

of the IBC, 2016 seeking withdrawal of the CP on the ground that the matter has been settled between the Operational Creditor and the Corporate

Debtor.

It is submitted that in view of the settlement agreement between the Operational Creditor and the Corporate Debtor even before the CoC is

constituted, the Opei ational Creditor has made an application in Form FA seeking withdrawal of the appllcation in view of the settlement agreement.

A copy of the settlement agreement dated 27.11.2020 is filed along with the application as Annexure-1. It is also stated in Form FA that the

Operational Creditor has also submitted pay order amounting to Rs. 35,000/- in respect of the CIRP cost incurred in terms of Section 1 2A of HOC,

2016.

Heard Mr. Archit Bohra, Adv. for the applicant and Mr. Amo1 Vyas, Adv. for the Corporate Debtor. In 'he circumstances and for the reasons

mentioned in the application and in view’ of the compliance of the requirements of the Code and Regulation, the instant IA is allowed and

accordingly CP No. 42/9/JPR/2018 is directed to be withdrawn.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 IRP shall handover the possession / control of the Corporate

Debtor and return the record, if any, to the Board.