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Judgment
Heard the submissions made by the Ld. Counsel for the operational creditor. The CIRP process initiated in this matter is cancelled as the operational creditor has failed to make the payment of Rs. 2,25,000/- in which Rs. 2,00,000/- towards the initial expenses of IRP as well as Rs. 25,000/- cost for defaulting the payment. Ld. Counsel for the operational creditor is directed to pay the fees as well as expenses so far incurred by RP in the matter within next two weeks and the director of this company as well as operational creditor are restrained from initiating any proceedings under the IBC for next 6 months as they have failed to honour the order passed by the Tribunal VOD 13th December, 2019 read with order dated 3rd February, 2021 for a period more than one year. The Registry may serve a copy of this notice to MCA as well as IBBI to keep a watch on this company as well as the directors thereof. The corporate debtor is relieved from the clutches of CIRP process. Dasti of this order is allowed. The existing RP is directed to indicate this order to MCA as well as IBBI. Post the matter to 20th April, 2021.