Hetal Anish Shah Suspended Director Of ... vs Arihant Multi Commercial Ltd & Anr
- CitationCompany Appeal (AT) (Insolvency) No.586 of 2024
Ratio decidendi
The rule this decision rests on
The Tribunal set aside an order admitting a Section 7 application and closed the CIRP on the basis of consent terms between the financial creditor and the corporate debtor's director, recording payment of the settlement amount; no reasoned principle is stated in the text beyond the disposal itself.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
Hetal Anish Shah, Suspended Director, Vibgyor Vinimay Pvt. Ltd. ...Appellant
Versus
Arihant Mutli Commercial Ltd. & Anr. ...Respondents
Present: For Appellant: Mr. Prakhar Tandon, Ms. Abhismita Goswami, Advocates. For Respondents: Ms. Saiee Nirgude, Advocate for R-2. Mr. Manoj Sehgal, Advocate for RP.
ORDER
(Hybrid Mode)
18.04.2024: This Appeal has been filed against order dated 23.02.2024
by which Section 7 application filed by the Financial Creditor has been
admitted. In this appeal following interim order was passed on 20.03.2024:
"In the meantime, no further steps shall be taken in pursuance of the impugned order dated 23.02.2024."
2. An I.A. No.2469 of 2024 has been filed bringing on record the Consent
Terms singed by the Financial Creditor and the Director of the Corporate
Debtor that parties have settled the dispute and Corporate Debtor has paid
Rs.84.4 Lakh as full and final settlement and the CIRP may not continue any
further.
3. Taking Consent Terms brought on record, we set aside impugned order
dated 23.02.2024 and close the CIRP.
Cont'd.../ -2-
4. Learned counsel for the Appellant submits that the IRP fee has been
paid. In event IRP fee has not been paid, the Appellant shall make the payment
of fee and expenses of the IRP as directed by the Adjudicating Authority within
two weeks from today.
5. Appeal is disposed of accordingly.
[Justice Ashok Bhushan] Chairperson
[Barun Mitra] Member (Technical)
[Arun Baroka] Member (Technical) Archana/nn
Company Appeal (AT) (Ins.) No.586 of 2024
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