Himanshu Jain vs Satnam Global Infraprojects Limited & ...
- CitationCompany Appeal (AT) (Insolvency) No. 583 of 2023
Ratio decidendi
The rule this decision rests on
The Tribunal allowed the application to take the settlement agreement on record and set aside the admission order, holding that where the operational creditor has settled the claim and the dues have been paid, and there is consequently no purpose in continuing the corporate insolvency resolution process, the CIRP may be terminated and the admission order set aside on that basis.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
Himanshu Jain ...Appellant
Versus
Satnam Global Infraprojects Ltd. & Ors. ...Respondents
Present: For Appellant: Mr. Adhish Srivastava and Mr. Avdhesh Bairwa, Advocates. For Respondents: Ms. Prachi Johri, Advocate for R-3 (OC).
ORDER
16.05.2023: Heard learned counsel for the Appellant as well as learned
counsel appearing for the Respondent - Operational Creditor. This Appeal
has been filed against the order dated 26.04.2023 by which order the
application under Section 9 filed by the Operational Creditor has been
admitted.
2. An I.A. No. 2040 of 2023 has been filed, where the Settlement
Agreement between the parties dated 13.05.2023 has been brought on record
by which the parties have settled the matter and a payment of
Rs.1,28,23,428/- has already been made.
3. Learned counsel for the Operational Creditor further submits that the
IRP expenses and fee have already been paid.
Cont'd.../ 2
4. In view of the aforesaid, we allow I.A. No. 2040 of 2023 and take
Settlement Agreement dated 13.05.2023 on record. In view of the aforesaid
there is no purpose be served in continuing the CIRP further, order impugned
dated 26.04.2023 is set aside. Appeal disposed of.
[Justice Ashok Bhushan] Chairperson
[Barun Mitra] Member (Technical) Archana/nn
I.A. No. 2040 of 2023 in Company Appeal (AT) (Insolvency) No. 583 of 2023
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