A withdrawal of the CIRP application under Section 12A requires the approval of 90% of the Committee of Creditors, emphasizing minimal judicial interference if procedural requirements are met.

ORDER

1. This is an application filed under Section 12A of the Insolvency and Bankruptcy Code, 2016 (‘the Code’) read with Regulation 30A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for corporate Persons) Regulations, 2016 by Mr. Rabindra Kumar Mintri, Resolution Professional ofOrior Developers and Infrastructure Private Limited (‘Corporate Debtor’) seeking withdrawal of the Company Petition bearing CP IB 1529/ND/2019 filed by theCol. C. D. Sharma and Others (‘ Financial Creditor’) under Section 7 of the Code. The Applicant is seeking withdrawal of the CIRP of the Corporate Debtor in view of the settlement proposal submitted by the Directors (power suspended), which was approved by the CoC in its 21^st CoC meeting dated 12.09.2025, with a voting share of 91.491%.

2. The applicant in the present application has prayed for the following reliefs: -

a) Allow the present application under Section 12A of the Insolvency and Bankruptcy Code, 2016 read with Regulation 30A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, and thereby permit the withdrawal of the withdrawal of the Corporate Insolvency Resolution Process initiated against the Corporate Debtor vide Company Petition bearing CP (IB) No. 1529 of 2019;

b) Take on record the settlement proposal submitted by the directors (power suspended), along with the Form FA and the consent/ approval of the CoC, as required under law;

c) Hold that the pending litigations in relation to the Corporate Insolvency Resolution Process of the Corporate Debtor pending before this Hon’ble Adjudicating Authority shall be deemed infructuous / closed / withdrawn in view of withdrawal of the Company Petition bearing CP (IB) No. 1529 of 2019 and the Corporate Insolvency Resolution Process of the Corporate Debtor, Orior Developers and Infrastructure Private Limited;

d) Discharge the Resolution Professional of his duties and obligations in relation to the CIRP of the Corporate Debtor, subject to settlement of fees and costs as approved by the CoC;

e) Discharge the Corporate Debtor from the CIRP and be further pleased to restore the management, control, and possession of the Corporate Debtor to its Board of Directors/Promoters, in accordance with the Code;

f) That in the event of any default, non-implementation, or failure to comply with the Settlement Proposal within the stipulated timelines, the creditors and/or the Monitoring Committee shall be at liberty to seek revival of the CIRP of the Corporate Debtor before this Hon’ble Adjudicating Authority, or to pursue any other remedy available under the law;

g) Pass such other or further order/ order(s) as may be deemed fit and proper in the facts and circumstances of the instant case.

3. Briefly stated the facts of the case as mentioned in the instant application, which are necessary for adjudication, are as follows:

i) This Adjudicating Authority vide its order dated 28.01.2022 admitted CP IB No. 1529/ND/2029 initiating the CIRP against the Corporate Debtor, wherein, Mr. Prabhakar Kumar was appointed as the Interim Resolution Professional. The IRP in compliance with the provisions of Section 15 of the Code, read with Regulation 6 CIRP Regulations, made a Public Announcement of the initiation of CIRP of the Corporate Debtor on 02.02.2022 in the prescribed Form and all creditors and stakeholders of the Corporate Debtor were invited to submit their respective claims, along with requisite supporting documents, on or before 14.02.2022. During the 1^st CoC meeting Mr. Prabhakar Kumar was confirmed as the Resolution Professional, and the same was approved by this Adjudicating Au