Mr.Jatin Jitendra Thakkar Ex-Director ... vs M/S Ss Infra & Anr
- CitationCompany Appeal (AT) (Insolvency) No. 806 of 2024
Ratio decidendi
The rule this decision rests on
The ratio here rests on the settlement and payment of the operational debt before the appellate stage, not on any new principle of insolvency law. The court's reasoning is that where the operational creditor has accepted full payment of the claimed debt, the corporate debtor is entitled to be freed from the CIRP, and the impugned admission order cannot stand. The direction that the IRP's fee be paid by the appellant is ancillary to that conclusion, with the court treating the fee as a liability to be discharged in the course of disposing of the appeal rather than as a separate ground for relief.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
IN THE MATTER OF: Jatin Jitendra Thakkar ...Appellant (Ex-director of Sadbhav Engineering Ltd.) Versus S.S. Infra & Anr. ...Respondents
Present: For Appellant : Mr. Navin Pahwa, Sr. Advocate with Mr. Mahesh Agarwal, Ms. Geetika Sharma and Mr. Rohan Talwar, Advocates. For Respondents : Mr. Prateek Agarwal, Advocate for R-1. Mr. Vinod Chaurasia and CA Sanjay Aggarwal, for IRP.
ORDER
(Hybrid Mode)
25.04.2024 : Heard Learned Counsel for the Appellant as well as
Learned Counsel for the Operational Creditor as well as Counsel for the IRP.
2. This Appeal has been filed against the Order dated 22.04.2024, by
which order, Adjudicating Authority has admitted the Section 9 application.
3. Counsel for the Appellant submits that at the time of hearing of the
application before the Adjudicating Authority on 17.04.2024, the statement
was made by the Corporate Debtor that amount shall be paid to the
Operational Creditor on the due date as per the settlement.
4. Learned Counsel for the Appellant submits that the amount of Rs. 1.92
Crores was already paid and balance amount he has paid to the Operational
Creditor by Demand Draft.
5. Learned Counsel for the Operational Creditor accepts that he has
received the entire amount.
6. Learned Counsel for the IRP submits that IRP has not been paid any
fee. The Adjudicating Authority by the impugned order has directed the
payment of Rs. 3 Lakhs/- to the IRP.
7. We are of the view that the said amount should be paid to the IRP by
the Appellant, if not already paid, within two weeks.
8. In view of the aforesaid, we set aside the impugned order dated
22.04.2024. Corporate Debtor is free from the CIRP.
The Appeal is disposed of.
[Justice Ashok Bhushan] Chairperson
[Barun Mitra] Member (Technical)
[Arun Baroka] Member (Technical) himanshu/nn
Comp. App. (AT) (Ins.) No. 806 of 2024 2 of 2
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