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Judgment
6 paragraphs · 95 words
ORDER
Ld. Counsel for the Operational Creditor appeared. Ld. IRP appeared.
Ld. IRP submits that there is no cooperation from the applicant as well as the Corporate Debtor. However, the Operational Creditor filed CA(IB)No.1177/KB/2019 for withdrawal of the Petition on ground that settlement arrived in between the parties.
CoC is yet to form. Hence, by invoking inherent power under Rule 11 of NCLT Rules, we allow this withdrawal.
We direct Operational Creditor to pay the sum of Rs. 50,000/- as fees of IRP and Rs. 25,000/- as expenses within 2 weeks.
Matter stands disposed of.