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Judgment
4 paragraphs · 195 wordsIA No. 3807/2021
This is an application by the resolution professional on behalf of the applicant/operational creditor under Section 12A of IB Code, 2016 read with Regulation 30A of IBBI (IRP for CP) Regulations, 2016 along with the affidavit.
Having heard the submissions made by the learned counsel for the resolution professional and having perusal of Form FA and relevant resolution extracts and the approval of the CoC with 100% voting for filing application under 12A of IB Code, it transpires that the resolution professional has moved the said application before NCLT in order to give effect to the settlement entered in the matter settlement agreement dated 23.08.2021. The settlement agreement dated 23.08.2021 executed between the parties is taken on record and the parties are permitted to withdraw the CP No. IB-1623(ND)/2019.
Therefore, the petition filed under Section 9 bearing CP(IB- 1623(ND)/2019) stands dismissed as withdrawn and the CIRP Proceedings initiated against the corporate debtor have been dropped. The resolution professional is relieved from his duties and functions and the corporate debtor is relieved from the clutches of CIRP process. The application for withdrawal is allowed. The case papers may be sent to Record Room.