Chunilal Saha Suspended Director Of ... vs Mr. Apoorv Gupta

National Company Law Appellate Tribunal8 August 2024Ashok Bhushan

CitationComp. App. (AT) (Ins) No. 1547 of 2024

Ratio decidendi

The rule this decision rests on

The Appellate Tribunal, on the parties' settlement of the dispute and payment of the amount due to the operational creditor and the Insolvency Resolution Professional's fees and expenses, set aside the admission order under Section 9 of the Insolvency and Bankruptcy Code, 2016, while leaving liberty to revive the proceedings if occasion arises.

Written by Miss Lucy from the judgment below, not taken from a headnote.

Judgment

As delivered

NATIONAL COMPANY LAW APPELLATE TRIBUNALPRINCIPAL BENCH, NEW DELHIComp. App. (AT) (Ins) No. 1547 of 2024IN THE MATTER OF:

Chunilal Saha, Suspended Director of Saha ...Appellant(s) Distributors Pvt. Ltd.

Versus

Apoorv Gupta, Proprietor of Panam Enterprises & ...Respondent(s) Anr. Present: For Appellant : Mr. Abhirup Dasgupta, Ms. Jayashree S. Dasgupta, Advocates. For Respondents : ORDER

(Hybrid Mode)

08.08.2024: This appeal has been filed against the order passed by the

Adjudicating Authority dated 09.07.2024 by which order Section 9 application

filed by the Operational Creditor has been admitted.

2. Ld. Counsel for the Appellant submits that subsequent to passing of

the impugned order the settlement has been entered with the operational

creditor on 01.08.2024 and parties have settled their issues and amount has

already been finalized which has already been paid to the operational creditor

which is recorded in the settlement agreement. An affidavit along with

settlement dated 01.08.2024 has been filed on 05.08.2024.

3. It is further submitted that the amount of fee as was directed by

Adjudicating Authority has already been paid to the IRP and appellant

undertake to make the payment of expenses, in event, IRP has incurred

expenses which is submitted along with the relevant bills and vouchers. -2-

4. Considering the aforesaid and taking the settlement on record we set

aside the order impugned dated 09.07.2024 with liberty to revive if any such

occasion arises. The appeal is disposed of.

[Justice Ashok Bhushan] Chairperson

[Barun Mitra] Member (Technical) sr/nn Comp. App. (AT) (Ins) No. 1547 of 2024

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