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Judgment
A joint application has been filed by the Operational Creditor and the Corporate Debtor praying for termination of the CIR process on a settlement has been entered into between the parties. It is also been submitted that the said settlement had been executed before the order of Admission was uploaded on the net.
In view of the same, no COC has been constituted as yet. Notwithstanding the same, the IRP was duly informed. It is being confirmed on behalf of the IRP that no claims have been received by him so far. In view of the same, there is no legal impediment in terminating the CIR process in view of the decision of the Hon'ble Apex Court in the matter of 'Swiss Ribbons Pvt. Ltd. & Anr. Vs. Union of India & Ors.', W.P.(C) 99/2018.
However, the Corporate Debtor is liable to make good the expenses incurred along with a reasonable fee to the IRP in this case. Let steps be taken in this respect.
To come up on 17th July, 2019. No further action shall be taken by the IRP.