Prakash B. Jain vs Qliktech India Private Limited & Anr
- CitationComp. App. (AT) (Ins) No. 1674 of 2024
Ratio decidendi
The rule this decision rests on
The Tribunal may set aside an order admitting a Section 9 application and close the corporate insolvency resolution process where the parties have entered into a settlement and the operational creditor's dues have been paid, including the amount directed to be paid to the interim resolution professional, and the Tribunal is satisfied that there is no reason to continue the CIRP.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
Prakash B. Jain ...Appellant(s)
Versus
Qlik Tech India Pvt. Ltd. & Anr. ...Respondent(s) Present: For Appellant : Mr. Abhijeet Sinha, Sr. Advocate with Mr. Sandeep Deshmukh, Mr. Samsher Garud, Mr. Nishant Sharma, Mr.Aditya Shukla, Mr. Harsh Moorjani, Mr. Rakesh K. Sharma, Advocates. For Respondents : Ms. Swastika Chakravarti, Advocate for R-1. Ms. Sonali Jain, Mr. Navneet R., Advocates for R-2.
ORDER
(Hybrid Mode) 28.08.2024: Heard Counsel for the Appellant, Ld. Counsel for the
Operational Creditor as well as the Ld. Counsel for the IRP. This appeal has
been filed against order dated 22.08.2024 passed by National Company Law
Tribunal, Mumbai Bench, Court-I by which Section 9 application filed by the
operational creditor has been admitted.
2. Ld. Counsel for the Appellant submits that the settlement agreement
has been entered between the parties on 23.08.2024 which has been e-filed
on 27.08.2024 where all payments to the operational creditor has already
been made.
3. Ld. Counsel for the Operational Creditor further submits that amount
which was directed to paid to the IRP has also been paid. -2-
4. In view of the settlement between the parties dated 23.08.2024 and
submissions made by the Counsel for the Appellant as well as Ld. Counsel
for the Operational Creditor, we see no reason to continue the CIRP any
further. The settlement is taken on record.
5. The order dated 22.08.2024 is set aside. CIRP is closed. The appeal is
disposed of.
[Justice Ashok Bhushan] Chairperson
[Barun Mitra] Member (Technical)
[Arun Baroka] Member (Technical) sr/nn
Comp. App. (AT) (Ins) No. 1674 of 2024
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