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2022 (8) TMI 68 - Tri - Insolvency and BankruptcySeeking withdrawal of application filed for initiation of CIRP - Section 12A of IBC, 2016 read with Regulation 30A of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2019 - HELD THAT:- The Hon'ble Supreme Court in KAMAL K. SINGH VERSUS DINESH GUPTA & ANR. [2021 (10) TMI 479 - SC ORDER], it was held that the applicant/respondent no. 1 was justified in filing the application under Rule 11 of the NCLT Rules for withdrawal of the company petition on the ground that the matter has been settled between the parties. In view of the fact that the fees of the IRP has been paid in full, this instant Application stands allowed and, in the circumstances, IBA/606/2020 stands dismissed as withdrawn. Consequently, the CIRP initiated against the Corporate Debtor also stands withdrawn. The Corporate Debtor is released from the rigors of IBC, 2016 - Application allowed.
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