An application (I.A. 404/KB/2022) was filed by a member of the suspended board of directors seeking recall of the order dated 26/04/2022, which initiated the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The applicant sought withdrawal of the petition. The applicant was directed to deposit Rs.1,00,000/- with the Prime Minister's National Relief Fund, and the deposit was made on 06/05/2022. A settlement was reached between the parties, and no Committee of Creditors (CoC) had been constituted. The court considered the application under section 12A of the Code. The order dated 26/04/2022 was recalled, the CIRP was closed, the Corporate Debtor was freed from the rigours of the Code, and the suspended board of directors was restored.

An application (I.A. 404/KB/2022) was filed by a member of the suspended board of directors seeking recall of the order dated 26/04/2022, which initiated the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The applicant sought withdrawal of the petition. The applicant was directed to deposit Rs.1,00,000/- with the Prime Minister's National Relief Fund, and the deposit was made on 06/05/2022. A settlement was reached between the parties, and no Committee of Creditors (CoC) had been constituted. The court considered the application under section 12A of the Code. The order dated 26/04/2022 was recalled, the CIRP was closed, the Corporate Debtor was freed from the rigours of the Code, and the suspended board of directors was restored.