2019 (12) TMI 1375

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..... Member ( T ) For the Appellant : Mano Ranjani For the IRP : Koteswara Rao Gutta ORDER Ratakonda Murali, Member (J) 1. The Application is filed by the Interim Resolution Professional under Section 12A of I&B Code, 2016 Read with Regulation 30A (1)(a) of I&B Code(CIRP) Regulations, 2016 seeking permission to withdraw the Company Petition i.e CP(IB) No. 429/9/HDB/2019. 2. The brief averments m .....

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..... been reached between the corporate debtor and operational creditor. d) It is averred that full and final settlement of the claim of Rs. 13,53,951(Thirteen lakhs fifty three thousand Nine hundred and fifty one) along with interest @ 24% p.a has been settled at Rs. 6,50,000/-(Six Lakhs, Fifty Thousand Only). Copy of the withdrawal application in Form FA is annexed hereto and marked as Annexure-A01 .....

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..... ulation 30 A(1)(a) "An application for withdrawal Under Section 12A may be made to the Adjudicating Authority before the constitution of the Committee, by the applicant through the IRP" g) It is averred that Corporate debtor made the payment of Rs. 84,000/- to the IRP towards Cost for purposes of Clauses (C ) and (d) of Regulation 31 and Regulation 33 of the I&B (Corporate Insolvency Resolution .....

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..... tional Creditor was admitted by this tribunal on 04.10.2019 and ordered Corporate Insolvency Resolution Process against Corporate Debtor. Interim Resolution Professional reported to the Tribunal that Parties settled the matter and requested the tribunal to withdraw the Petition. 7. This application is filed stating that parties settled the claim for an amount of Rs. 6,50,000/- and the same is pai .....

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..... ation even after admission of the Petition. By exercising the power U/s 12A of I&B Code the application filed by IRP is allowed and the CIRP started against corporate debtor and moratorium order issued there under stands withdrawn and the corporate debtor is allowed to function independently through its Board of Directors with immediate effect. 10. Accordingly, this Application is allowed.
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