2019 (6) TMI 1559

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..... has issued notice for convening the meeting of COC and further submitted that he has no objection provided his dues are cleared and submitted that approximately ₹ 8 lacs have been spent by the IRP. However, in support of such contention no documents and/or payment receipt or any invoice filed in respect of the expenditure incurred. Since, party has settled mutually, I found no reason to reje .....

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..... ound that vide order dated 29.05.2019 the application was admitted and accordingly IRP was appointed with a direction to make a public announcement under section 15 of the Code. Thereafter, the Corporate Debtor approached the Operational Creditor and agreed to pay the entire outstanding amount together with the interest and entered into consent terms on 19.06.2019. On filing of the instant appl .....

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..... he sake of convenience, the relevant paragraph of the same Judgment is being reproduced herein below; 52. It is clear that once the Code gets triggered by admission of a creditor's petition under Sections 7 to 9 the proceeding that is before the Adjudicating Authority, being a collective proceeding, is a proceeding in rem. Being a proceeding in rem, it is necessary that the body which is .....

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