Settlement and sole creditor claim withdrawal justified closing the insolvency process and setting aside its admission order.

Settlement of disputes and withdrawal of the sole creditor claim justified closure of the corporate insolvency resolution process. The parties agreed to be bound by consent terms, and the interim resolution professional confirmed that the only claim received after public announcement had been withdrawn, with no objection from the claimants. Inherent powers may be exercised in appropriate cases to close insolvency proceedings where no impediment remains. The process was therefore directed to be closed and the admission order set aside.

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Issues: Whether the corporate insolvency resolution process admitted on a financial creditor's application should be closed and the admission order set aside where the parties settled their disputes and the sole creditor claim was withdrawn.

Analysis: The parties agreed to be bound by their consent terms. The interim resolution professional's status report confirmed that, after the public announcement, the only claim received had been withdrawn and its claimants had no objection to closure of the process. Applying the principle that inherent powers may be exercised in appropriate cases to close insolvency proceedings, there was no impediment to closure of the process.

Conclusion: The corporate insolvency resolution process was directed to be closed and the order admitting it was set aside.

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