IA No. 18 of 2021 was filed for the withdrawal of CP(IB) 389 of 2019, which was admitted into Corporate Insolvency Resolution Process (CIRP) on 07.01.2021. The application was filed under Section 12(A) of the Insolvency & Bankruptcy Code, 2016. The basis for the withdrawal was the settlement between the parties and the payment of the due amount. The Committee of Creditors (CoC) had not yet been formed. The court considered these facts and allowed the application, setting aside the CIRP order and releasing the Corporate Debtor from the CIRP. The fact that the CoC was not formed is a key factor in the court's decision to allow the withdrawal.

IA No. 18 of 2021 was filed for the withdrawal of CP(IB) 389 of 2019, which was admitted into Corporate Insolvency Resolution Process (CIRP) on 07.01.2021. The application was filed under Section 12(A) of the Insolvency & Bankruptcy Code, 2016. The basis for the withdrawal was the settlement between the parties and the payment of the due amount. The Committee of Creditors (CoC) had not yet been formed. The court considered these facts and allowed the application, setting aside the CIRP order and releasing the Corporate Debtor from the CIRP. The fact that the CoC was not formed is a key factor in the court's decision to allow the withdrawal.