Satya Narayan Gupta vs Yaduka Financial Services Limited & ...
- CitationCompany Appeal (AT)(Insolvency) No. 402 of 2022
Ratio decidendi
The rule this decision rests on
The Tribunal takes the settlement between the Corporate Debtor and the Financial Creditor on record, and holds that where the dues have been settled and the appellant has paid the IRP's fee and expenses, no purpose would be served by continuing the Corporate Insolvency Resolution Process; the admission order is therefore set aside and the CIRP closed.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
IN THE MATTER OF: Satya Narayan Gupta ...Appellant
Versus
Yaduka Financial Services Limited & Anr. ...Respondents Present: For Appellant : Mr. Naresh Kumar Sejuani, Advocate. For Respondents : Mr. Soumava Karmakar, Mr. Nishant Singh, Advocates. Mr. Sataroop Das, Advocate for IRP
ORDER
25.05.2023: Heard learned Counsel for the Appellant as well as IRP.
1. This appeal has been filed against the order dated 06.04.2022 by which
order, Adjudicating Authority has admitted Section 7 Application filed by the
Financial Creditor. This Tribunal heard the matter and passed the following
order on 11.04.2022 which is to the following effect:
"O R D E R (Virtual Mode)
11.04.2022: Learned Counsel for the Appellant submits that there was no Financial Debt. Under the Agreement, Respondent was to purchase the property at the rate of 200 sq. ft. Respondent chose not to purchase the property by paying the balance and has filed Section 7 Application. He submits that the Appellant to show his bona fide has also prepared a draft of 75 Lakhs which was the principal amount claimed which however was not accepted by the Respondent. Submission needs scrutiny.
Company Appeal (AT)(Insolvency) No. 402 of 2022 Page 1 of 2 2. Issue Notice to the Respondents through speed post as well as email. Requisites along with process fee, if not filed, be filed within two days.
3. Respondents to file Reply-Affidavits within two weeks. Rejoinder, if any, may be filed within two weeks, thereafter. 2 Company Appeal (AT) Ins. No. 402 of 2022
4. List this Appeal on 17th May, 2022. No further steps shall be taken in pursuance of the Impugned Order dated 06th April, 2022."
2. An Affidavit has been filed by the Appellant brining on record settlement
between the Corporate Debtor and Financial Creditor on 24.02.2023 under
which the Financial Creditor is to be paid Rs. 1 Crore 1 lakh. Counsel for the
Appellant submits that aforesaid amount has been received by him.
3. Learned Counsel for the Appellant further submits that IRP has
intimated his fee for 12 months as well as other expenses. Learned Counsel for
the Appellant further submits that Appellant is ready to pay all expenses of IRP
which is less than Rs. 1 lakh and also nominal fee.
4. In view of the above, we direct Appellant to make payment of Rs. 2 lakhs
to IRP within 15 days which shall include all expenses. We take the settlement
on record. In view of the above, no purpose shall be served in continuing CIRP.
Impugned order dated 06.04.2022 is set aside. CIRP is closed.
Appeal is disposed of.
[Justice Ashok Bhushan] Chairperson
[Mr. Barun Mitra] Member (Technical) akc/nn Company Appeal (AT)(Insolvency) No. 402 of 2022 Page 2 of 2
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