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Judgment
Learned Counsel for the Appellant submits that before the Impugned Order dated 31st March, 2023 admitting Section 9 Application of I&B Code, 2016, Settlement was entered into between the Operational Creditor and the Corporate Debtor on 21st February, 2023 and an Application was also filed by the Operational Creditor praying that Operational Creditor be permitted to withdraw the Application with liberty to revive the same, in case, default is committed.
It is submitted that said application was not taken into consideration and order for admission has been passed. Learned Counsel for the Operational Creditor submits that Settlement was entered and some part payments have also been made.
In view of the aforesaid, we find sufficient ground to entertain the Appeal.
Learned Counsel for the parties submit that in view of the facts of the present case, Appeal may itself be disposed of taking into consideration the Application filed by the Operational Creditor.
The Settlement has been brought on record which was also filed before the Adjudicating Authority through an Application. Learned Counsel for the parties has sought only extension of time in the Settlement for 15 days period since the Corporate Insolvency Resolution Process commenced on 31st March, 2023 and the first payment was to be made on 31st March, 2023.
We accept the prayer and for all payments as per Annexure A of the Settlement 15 days time is extended. The Appellant has undertaken to pay the expenses of the publication which was undertaken by the IRP plus nominal fee of Rs. 1 Lakh. IRP may give details of expenses to the Appellant. Payments of fee and expenses may be made within a further period of two weeks. It is also to be recorded that Operational Creditor has also agreed for extension of period for 15 days in the payment as prayed by Appellant on behalf of Corporate Debtor.
Taking into consideration the aforesaid, we take the settlement on record with the modification as indicated above. The Appeal is disposed of.
Order dated 31st March, 2023 is set aside. Corporate Debtor is relieved from the CIRP. There shall be liberty to Operational Creditor to approach the Adjudicating Authority for revival in event of any default.
With these directions, we dispose of the Appeal.