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Judgment
08.08.2024 : CA (AT) (Ins.) No. 1182 of 2024
This is an appeal filed by the Suspended Director of the Corporate Director challenging the order passed by the Adjudicating Authority dated 11.06.2024 by which order Section 9 application filed by the operational creditor has been admitted.
Counsel for the appellant submits that an Additional-Affidavit bringing on record the settlement agreement dated 18.07.2024 has been filed on 05.08.2024 under which the payments have been made to the operational creditor.
Counsel for the operational creditor submits that settlement has been entered between the parties. It is submitted that the expenses of the IRP shall be borne by the operational creditor. Adjudicating Authority has directed the payment of amount of Rs. 2 Lacs by the impugned order.
Let the amount of Rs. 2.5 Lacs be paid by the operational creditor within two weeks by the way of demand draft.
The amount which was deposited under the interim order dated 24.06.2024 be refunded to the appellant. The order dated 11.06.2024 is set-aside.
The appeal is disposed of accordingly.