9911796707
TMI Blog2020 (4) TMI 79X X X X Extracts X X X X X X X X Extracts X X X X ..... t - Interim Resolution Professional did not appear even on issuance of SCN - HELD THAT:- In exercise of the powers conferred under rule 11 of the National Company Law Appellate Tribunal Rules, 2016, we set aside the impugned order dated October 1, 2019 passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench in KETKI SHAH TALATI FINANCIAL CREDITOR VERSUS KASATA HOMETECH ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rson) And Bansi Lal Bhat J. (Judicial Member) For the Appellant : Ankit Kumar Lal and Ms. Sneha Ravi Iyer For the Respondent : Srijan Singh ORDER 1. An application under section 7 of the Insolvency and Bankruptcy Code, 2016 (for short "I and B Code") was filed by Ketki Shah Talati ("financial creditor") for initiation of the "corporate insolvency resolution process&quo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e "financial creditor". The appellant will undertake to pay another draft of rupees twenty lakhs by November 25, 2019 and if further four weeks is allowed, it will pay rest of the amount, i. e., ₹ 19,09,845 by way of "demand draft" in favour of the "financial creditor". However, we are not inclined to give such time if the appellant, so chooses, may settle the m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pears on behalf of the appellant submits that total amount in terms of order dated November 18, 2019 has been paid to the respondent-Ketki Shah Talati. 5. Mr. Srijan Sinha, learned counsel for the respondent also accepts that total amount has been received by the first respondent ("financial creditor"). It is also informed that the "committee of creditors" has not been constit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or") is released from the rigour of "corporate insolvency resolution process". The "interim resolution professional" will handover the assets and records to the promoter/director of the "corporate debtor" immediately. The case is remitted to the Adjudicating Authority to decide only the corporate insolvency resolution process cost, which includes fee of the " ..... X X X X Extracts X X X X X X X X Extracts X X X X
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