2019 (11) TMI 1665 - AT - Insolvency and Bankruptcy

Permission for withdrawal of appeal - Settlement between the Directors and Financial Creditors (Allottees) on whose behalf the CIRP was initiated - HELD THAT - After some arguments, the learned counsel for the Appellant sought permission to withdraw the Appeal with the prayer to allow the Appellant to pay the total amount by 2nd December, 2019. The prayer is allowed without any liberty to challenge the same very impugned order dated 18th September, 2019 before this Appellate Tribunal. The Appeal is disposed of as withdrawn and allowing the Appellant to pay the total amount to the Resolution Professional towards the Fee and cost by 2nd December, 2019.

Summary

Issues involved: Settlement reached between directors and financial creditors in a Corporate Insolvency Resolution Process (CIRP), payment of CIRP costs, withdrawal of appeal with permission to pay total amount by a specified date.

In the judgment delivered by the National Company Law Appellate Tribunal, it was noted that a settlement had been reached between the directors and financial creditors involved in the Corporate Insolvency Resolution Process (CIRP) initiated on their behalf. Subsequently, the Appellate Tribunal passed an order on 4th June, 2019, and the Adjudicating Authority directed the payment of CIRP costs, including the fee of the resolution process, by an order dated 18th September, 2019. The counsel for the Appellant sought permission to withdraw the appeal and requested to pay the total amount by 2nd December, 2019. The Appellant was allowed to withdraw the appeal without the liberty to challenge the order dated 18th September, 2019. The appeal was disposed of as withdrawn, permitting the Appellant, Morpheus Developers Pvt. Ltd., to pay the total amount to the Resolution Professional towards the fee and cost by the specified date.