Sandip Bhikhubhai Padsala vs M/S. Aprn Enterprises Private Limited & ...

Sandip Bhikhubhai Padsala ...Appellant Suspended Director B. Nanji Enterprises Pvt. Ltd.

Versus

ARPN Enterprises Pvt. Ltd. & Anr. ...Respondents

Present: For Appellant: Mr. Navin Pahwa, Sr. Advocate with Mr. Karan Valecha, Mr. Ravi Pahwa, Advocates For Respondent: Ms. Swaralip Deb, Advocate for IRP Mr. Prashant Kumar, Advocate for-1

ORDER

28.08.2023: Heard Learned Counsel for the Appellant, Learned Counsel

appearing for the Respondent-Financial Creditor as well as Learned Counsel

for the IRP.

2. This Appeal has been filed against the Order dated 07th August, 2023

by which Order the Application filed under Section 7 of I&B Code, 2016 by the

Financial Creditor has been admitted. The Adjudicating Authority also

appointed IRP and directed payment of Rs. 2 Lakh as fees and expenses.

3. The Appeal was heard on 22nd August, 2023 on which date following

order was passed:

"22.08.2023: Learned Counsel for the Appellant submits that there was settlement between the parties before the proceedings of the Adjudicating Authority and out of the settlement for Rs.8 Crores, Rs.6 Crore was paid and -2-

amount of Rs.2.22 Crore along with interest was payable. It is submitted that after admission of the CIRP on 07.08.2023, a letter has been sent by the Financial Creditor on 09.08.2023 stating that the amount of Rs.4,22,78,849/- is balance. It is submitted that the said mention of Rs.4,22,78,849/- is incorrect and it ought to have been Rs.2,22,78,849/-. It is submitted that the amount of Rs.2,22,78,849/- shall be paid by 24.08.2023. Let amount be paid by 24.08.2023 as submitted.

2. List this Appeal on 28.08.2023.

In the meantime, in pursuance of the impugned order, the IRP shall proceed to collate the claims but shall not constitute Committee of Creditors."

4. An Affidavit has been filed by the Appellant stating that the amount of

Rs. 2,22,80,000/- have been paid by RTGS to the Financial Creditor. Learned

Counsel for the Financial Creditor submits that he has already received the

money as per the OTS entered into between the parties. It is submitted by the

Financial Creditor that amount having been paid, Corporate Insolvency

Resolution Process (CIRP in short) may not be continued any further.

5. Learned Counsel appearing for the IRP submits that IRP has incurred

certain expenses towards publication and other and is entitled to be paid fee

of Rs. 2 Lakh plus expenses.

6. Let the IRP give the relevant bill of expenses along with broachers which

shall be paid by the Appellant within two weeks along with fee of Rs. 2 Lakhs.

Company Appeal (AT) (Insolvency) No.1102/2023 -3-

In view of the aforesaid, we set aside the Order dated 07.08.2023, close

the CIRP. Appeal is disposed of.

[Justice Ashok Bhushan] Chairperson

[Mr. Barun Mitra] Member (Technical)

Basant/nn

Company Appeal (AT) (Insolvency) No.1102/2023