IA 1482/2020 was filed by the IRP, Mr. Ashok Kumar, to record a compromise between the Operational Creditor and the Corporate Debtor. Despite publication, no claims were received, and a settlement was reached quickly. The settlement deed was placed on record, and the application was annexed with the affidavit of the IRP. The application was filed in the proper format, adhering to the provisions of the Code and regulation 12A. The court found no legal impediment to terminating the CIR process under Section 12(A) of the Code. The application was allowed, the CIR process was terminated, and the Corporate Debtor was released from the moratorium, permitted to function through its own Board. The petition was disposed of.

IA 1482/2020 was filed by the IRP, Mr. Ashok Kumar, to record a compromise between the Operational Creditor and the Corporate Debtor. Despite publication, no claims were received, and a settlement was reached quickly. The settlement deed was placed on record, and the application was annexed with the affidavit of the IRP. The application was filed in the proper format, adhering to the provisions of the Code and regulation 12A. The court found no legal impediment to terminating the CIR process under Section 12(A) of the Code. The application was allowed, the CIR process was terminated, and the Corporate Debtor was released from the moratorium, permitted to function through its own Board. The petition was disposed of.