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2020 (5) TMI 323 - Tri - Insolvency and BankruptcyRecall of Order passed by this Tribunal - permission to Petitioner/Operational Creditor to withdraw the said Company Petition - It is contended that in the present application that the Respondent/Corporate Debtor was not aware of the above stated order till 20-12-2019, when the Applicant/IRP made him aware of our order - HELD THAT:- Since, in the present matter, the CoC is not reported to have been constituted till the date of settlement i.e. dated 26-12-2019 arrived at between the Operational Creditor and the Corporate Debtor we, being Adjudicating Authority place reliance on the decision of Hon'ble Supreme Court in the matter of Swiss Ribbons (P.) Ltd. v. Union of India [2019 (1) TMI 1508 - SUPREME COURT] where, their Lordships have pleased to observe that the Petitioner/Operational/Financial Creditor at any stage can withdraw the I.B. Petition and recall the CIRP initiated in respect of the Corporate Debtor. The present application moved by the I.R.P. seeking for withdrawal of the Corporate Insolvency Resolution Process ("CIRP") and the moratorium; deserves to be allowed, hence, it is allowed in terms of its prayer clause. Consequently, the CIRP initiated in respect of the Corporate Debtor Company vide our order dated 25-11-2019 is hereby recalled and moratorium declared shall cease to have effects. Application allowed.
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