TMI Blog2019 (7) TMI 725X X X X Extracts X X X X X X X X Extracts X X X X ..... agrees for withdrawal of the petition. We allow the Respondent Mr. Satyendra Jain to withdraw the application filed u/s 7 of the I B Code and the impugned order dated 12th February, 2019 is set aside passed by the Adjudicating Authority, New Delhi Bench - Matter closed as withdrawn. - Company Appeal (AT)(Ins) No. 202 of 2019 - - - Dated:- 10-6-2019 - Mr S. J. Mukhopadhaya, Cha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the matter was taken up, the learned counsel appearing on behalf of the Appellant submitted that the debt is not payable in law or the loan given by the Financial Creditor is time barred. However, from the record, we find that the suit was filed against the Corporate Debtor and decreed in favour of the Financial Creditor . The Corporate Debtor thereafter moved before the Hon ble S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ee of Creditors was constituted on 4th March, 2019 who held its 1st meeting on 11th March, 2019 wherein the Resolution Professional was confirmed as a Resolution Professional . It is further stated that in the 3rd meeting of the Committee of Creditors was convened on 4th June, 2019, the Financial Creditors apprised the Resolution Professional that the Financial Creditors and the Corpo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pearing on behalf of Mr. Satyendra Jain Financial Creditor , who filed the application u/s 7 of the I B Code, also accepts the aforesaid fact and also agrees for withdrawal of the petition. 4. In the facts and circumstances, we allow the Respondent Mr. Satyendra Jain to withdraw the application filed u/s 7 of the I B Code and the impugned order dated 12th February, 2019 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dicating Authority will now close the proceeding. The Corporate Debtor is released from all the rigour of law and is allowed to function independently through its Board of Directors from immediate effect. 6. The Resolution Professional having been already paid the fees and total cost incurred, no further order is required to be passed. The appeal is allowed with aforesaid observa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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