Tribunal revokes CIRP, closes liquidation, restores Board, discharges Liquidator, concludes legal proceedings.

The tribunal recalled the orders admitting the Corporate Debtor to Corporate Insolvency Resolution Process (CIRP) and subsequent liquidation. The tribunal ordered the closure of the liquidation process, restoration of the Board of Directors to their original position, discharge of the Liquidator from responsibilities, and directed the handover of all assets, books of account, and documents to the Board of Directors. The application for withdrawal of CIRP and the initial CIRP order were disposed of, along with all other pending applications, marking the conclusion of the legal proceedings in this matter.

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Issues: Application for withdrawal of Corporate Insolvency Resolution Process (CIRP) under Section 12A of the Insolvency and Bankruptcy Code, 2016.

Analysis:
1. Background and Application: The application, filed under Section 12A of the Insolvency and Bankruptcy Code, 2016, sought withdrawal of the Corporate Debtor from the CIRP. The applicant, a Shareholder/Ex-Director of the company, referenced previous orders related to the matter and highlighted the primary claim by the Employees' State Insurance Corporation (ESIC) amounting to Rs. 5,71,867. The applicant contended that this claim was settled, and no other financial or operational creditors had lodged any claims. Additionally, all fees and expenses of the Resolution Professional and Liquidator were duly paid by the ex-directors, as evidenced by annexed documents.

2. Legal Precedent and Decision: The applicant's counsel relied on a judgment by the Hon'ble NCLAT, emphasizing that during the liquidation period, if a person satisfies the demands of the Committee of Creditors, withdrawal of the application under Section 7 of the I&B Code is permissible. Based on the grounds presented and submissions made in court, the tribunal decided to recall the orders admitting the Corporate Debtor to CIRP and subsequent liquidation. The tribunal ordered the closure of the liquidation process, restoration of the Board of Directors to their original position, discharge of the Liquidator from responsibilities, and directed the handover of all assets, books of account, and documents to the Board of Directors.

3. Disposition of Applications: Following the directions given in the judgment, both the application for withdrawal of CIRP and the initial CIRP order were disposed of. All other pending applications were also deemed disposed of, and the file was consigned to records, marking the conclusion of the legal proceedings in this matter.

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