The main Company Petition was admitted on 25.07.2023, and the Operational Creditor was directed to pay Rs. 5 lakh for CIRP costs. The company ceased to exist, leading to an application for withdrawal of the CIRP proceedings. The Resolution Professional was directed to refund the balance amount if the cost incurred was less than Rs. 5 lakh, and if the cost exceeded Rs. 5 lakh, the RP had the right to claim the difference from the Operational Creditor. IA 4303/2023 was allowed and disposed of, and C.P. (IB)/563(MB)2021 was dismissed as withdrawn. The key fact is the company ceasing to exist, which prompted the withdrawal of the CIRP proceedings.

The main Company Petition was admitted on 25.07.2023, and the Operational Creditor was directed to pay Rs. 5 lakh for CIRP costs. The company ceased to exist, leading to an application for withdrawal of the CIRP proceedings. The Resolution Professional was directed to refund the balance amount if the cost incurred was less than Rs. 5 lakh, and if the cost exceeded Rs. 5 lakh, the RP had the right to claim the difference from the Operational Creditor. IA 4303/2023 was allowed and disposed of, and C.P. (IB)/563(MB)2021 was dismissed as withdrawn. The key fact is the company ceasing to exist, which prompted the withdrawal of the CIRP proceedings.