Gopal Munjal vs Alcare Containers Co

National Company Law Appellate Tribunal11 October 2023Ashok Bhushan

CitationCompany Appeal (AT) (Insolvency) No. 1219 of 2023

Ratio decidendi

The rule this decision rests on

Where a consent terms settlement has been entered between the corporate debtor and the operational creditor and the balance payment has been made, the corporate insolvency resolution process cannot continue, and the Tribunal will close the CIRP and set aside the admission order on that basis. Parties who enter into consent terms are bound by those terms.

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

Judgment

As delivered

NATIONAL COMPANY LAW APPELLATE TRIBUNAL,PRINCIPAL BENCH, NEW DELHII.A. No. 4767 of 2023INCompany Appeal (AT) (Insolvency) No. 1219 of 2023In the matter of:

Gopal Munjal ....Appellant Vs. Alcare Containers Co. & Anr. ...Respondents For Appellant Mr. Praveen Mahajan, Mr. Ruchi Mahajan, Ms. Bhavya Manchanda, Advocates. For Respondents Mr. Anil Dutt, Mr. Anupam Chaudhury, Advocates for R1. Mr. Harshit Singh, Mr. Akshay Uppal, Mr. Yashvardhan Singh, Advocates for R2.

ORDER

11.10.2023: This Appeal has been filed against the order dated

12.09.2023 passed by the Adjudicating Authority (National Company Law

Tribunal) Chandigarh Bench, by which Application filed under Section 9 was

admitted.

2. An IA No.4767 of 2023 has been filed bringing on record the Consent

Terms dated 26.09.2023 entered between the Corporate Debtor and the

Operational Creditor.

3. Learned Counsel for the Appellant has handed over the balance

payment to the Operational Creditor.

4. Learned Counsel for the parties submits that in view of the aforesaid,

CIRP cannot continue any further. It is submitted that the fee of the IRP has

already been paid.

5. Recording the aforesaid, we close the CIRP and set aside the impugned

order. It goes without saying that parties are bound by Consent Terms.

6. The Appeal is disposed of accordingly.

[Justice Ashok Bhushan] Chairperson

[Barun Mitra] Member (Technical)

[Arun Baroka] Member (Technical) Anjali/nn

I.A. No. 4767 of 2023 IN Company Appeal (AT) (Insolvency) No. 1219 of 2023

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