Saurabh Kumar Pandey vs Haji Abdul Hai & Ors
- CitationCompany Appeal (AT) (Insolvency) No. 1430 of 2022
Ratio decidendi
The rule this decision rests on
The Tribunal took the settlement agreement on record and set aside the admission order, with the disposal resting on the parties' consent. It sets out no principle of law. The order does not discuss or decide any question of law on the operation of the Insolvency and Bankruptcy Code, 2016, and the direction on payment of the Insolvency Resolution Professional's fee is a consequential term, not a reasoned holding. NO_RATIO: The order disposes of the appeal by consent on the basis of a settlement between the parties, and contains no reasoning or legal principle to extract.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
Saurabh Kumar Pandey ...Appellant
Versus
Haji Abdul Hai & Ors. ...Respondents
Present: For Appellant: Advocate Ashish Choudhary, Advocate Anand Kamal For Respondent: Advocate Vishesh Gupta, Advocate Manish Paliwal, for R-7 with Praveen Agrawal-IRP
ORDER
05.12.2022: This Appeal has been filed against the Order dated 16th November, 2022, by which Order, the Adjudicating Authority has admitted Section 7 Application under IBC, 2016 filed by the Respondents-Financial Creditors. An I.A. No. 4611 of 2022 has been filed by the Appellant brining on record the Settlement Agreement dated 25th November, 2022 between the Appellant and Financial Creditors. Learned Counsel for the Financial Creditors submits that they have entered into Settlement and Appeal may be disposed of in terms of Settlement. Learned Counsel for the IRP submits that expense and fee of the IRP may be directed to be paid.
2. In view of the aforesaid, we allow I.A. No. 4611 of 2022, take Settlement on record and consequently the Order dated 16th November, 2022 is set aside. Learned Counsel for the Appellant shall make payment of Rs. 1 Lakh towards fee and expenses to IRP within two weeks.
The Appeal is disposed of, accordingly.
[Justice Ashok Bhushan] Chairperson
[Dr. Alok Srivastava] Member (Technical)
[Mr. Barun Mitra] Member (Technical) Basant/nn
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