9911796707
TMI Blog2021 (3) TMI 771X X X X Extracts X X X X X X X X Extracts X X X X ..... al Creditor under Section 9 of the Insolvency and Bankruptcy Code, 2016 (for short 'the I&B Code') came to be admitted by the Adjudicating Authority (National Company Law Tribunal), Allahabad Bench in terms of order dated 1st March, 2021, which has been assailed in the instant Appeal on the ground that the impugned order of admission has been passed in ex-parte and it is only on receipt of an email from the Interim Resolution Professional (IRP) - Shri Deepak Mittal that the Corporate Debtors learnt about triggering of Corporate Insolvency Resolution Process (CIRP) against it. It is further submitted by Learned Counsel for the Appellant that the Corporate Debtor had paid an amount of Rs. 10 lakhs to the Operational Creditor during the penden ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d with the appeal paper book at page 73-74 is the claim of IRP on account of his fee and resolution process cost, which has been quantified at Rs. 2,66,883/-. Mr. Mohan also claims Rs. 20,000/- as his Counsel fee, which be added to the claim on account of resolution expenses, i.e. totalling to Rs. 2,86,883/-. 4. On consideration of the submissions made by the learned Counsel for the parties, we find that the impugned order of admission of application of Operational Creditor under Section 9 of the I&B Code has been passed on 1st March, 2021 in ex parte as the Corporate Debtor did not contest the Application before the Adjudicating Authority. It is established that immediately after passing of the impugned order, the claim of Operational Cre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... parte demonstrating that it had the capacity and will to settle the Operational Creditor's claim, we find this to be a fit case for accepting the settlement arrived at between the parties. Learned Counsel for the Appellant admits that the amount due and payable to Operational Creditor towards full and final satisfaction of its claim stands paid. 7. In view of these developments, we set-aside the impugned order. Total cost including the fee and CIRP cost is quantified at Rs. 2,00,000/- Mr. Ajit Sharma, learned Counsel for the Appellant states that Rs. 2,00,000/- has already been paid by the Corporate Debtor to Operational Creditor. Mr. Ankur Singhal, Advocate representing the Operational Creditor undertakes to provide Demand Draft for Rs. 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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