2024 (5) TMI 871 - SCH - Insolvency and Bankruptcy

CIRP - parties have compromised and settled the matter in terms of the Deed of Settlement - HELD THAT - The Corporate Insolvency Resolution Process against respondent no. 2 M/s. Anjani Realtors Pvt. Ltd. will be treated as closed. The appeal is disposed of.

Summary

Issues involved: Joint application for settlement, payment to creditors, closure of Corporate Insolvency Resolution Process.

Settlement and Payment to Creditors:
A joint application was filed by the appellant and the operational creditor, wherein they reached a settlement as per the Deed of Settlement dated 01.02.2024. The appellant handed over two renewed demand drafts totaling to Rs.5 crores to the operational creditor. An affidavit was filed stating the dues payable to the Resolution Professionals, with a commitment from the appellant to make a payment of Rs.5,00,000/- to the Resolution Professional within ten days, failing which the Resolution Professional could seek recovery through the National Company Law Tribunal.

Closure of Corporate Insolvency Resolution Process:
The Corporate Insolvency Resolution Process against the respondent company was ordered to be treated as closed following the settlement and payment made by the appellant. Consequently, the appeal was disposed of with no order as to costs, and any pending applications were also disposed of accordingly.