Rabindra Prasad Singh (Suspended ... vs Swastik Armaan Steels Private Limited & ...
- CitationComp. App. (AT) (Insolvency) No. 1402 of 2023
Ratio decidendi
The rule this decision rests on
Where a settlement is shown to have been fully performed, including payment of the operational creditor's dues and the fee and expenses of the Interim Resolution Professional, and the parties agree that continuing the Corporate Insolvency Resolution Process would serve no purpose, the Appellate Tribunal may set aside the Adjudicating Authority's order admitting the Section 9 application and take the settlement on record, disposing of the appeal and all pending applications accordingly.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
Rabindra Prasad Singh, ....Appellant (Suspended Director of Food and Biotech Engineers India Pvt. Ltd.) Vs. M/s. Swastik Armaan Steels Pvt. Ltd. & Anr. ...Respondents For Appellant Mr. Abhijeet Sinha, Mr. N.K. Sharma, Mr. Deepak Gautam, Mr. Nitin Sharma, Mr. Vinod Kumar, Advocates. For Respondents Mr. Anup Kumar, Ms. Neha Jaiswal, Ms. Shruti Singh, Mr. Shivam Kumar, Advocates Mr. Animesh Khandelwal, Mr. Deepanshu Latka, Advocates for IRP
ORDER
08.11.2023: Heard Learned Counsel for the parties.
2. This Appeal has been filed against the order dated 16.10.2023 passed
by the Adjudicating Authority (National Company Law Tribunal), New Delhi,
Court V, by which order Section 9 Application filed by the Respondent herein
was admitted.
3. I.A. No.5172 of 2023 has been filed by the Appellant bringing on record
the Settlement between the parties dated 31.10.2023. It is submitted by the
Appellant that the entire payment has already been made which fact has been
admitted by the Counsel appearing for the Operational Creditor. It is 2
submitted that the fee and expenses of the IRP has also been paid which has
not been disputed by the Counsel for the IRP.
4. Learned Counsel for the parties submits that in view of the entire
payment having been made, no purpose shall be served in continuing of the
CIRP.
5. In view of the above facts, we are of the view that the order passed on
16.10.2023 is set aside and settlement is taken on record. All pending IAs
stand disposed of. The Appeal is disposed of accordingly.
[Justice Ashok Bhushan] Chairperson
[Barun Mitra] Member (Technical)
[Arun Baroka] Member (Technical) Anjali/nn
I.A. No. 5172 of 2023 IN Comp. App. (AT) (Insolvency) No. 1402 of 2023
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