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Judgment
ORDER
Ld. Interim Resolution Professional (IRP) appears. Ld. Counsel for the Operational Creditor appears.
CA(IB) No. 1746/KB/2019 is an application filed by the Operational Creditor under Rule 11 of the NCLT Rules, 2016 for recording settlement and seeking permission to withdraw the matter as the matter was settled out of the Tribunal. Mr, Tapan Chakraborty, IRP also appears and submits that his fees and costs as agreed by the Operational Creditor, comes to Rs. 1,75,000/-. Vide order dated 19/11/2019 Operational Creditor was directed to deposit Rs.2,00,000/- in the ESCROW Account and that amount has been duly deposited. Accordingly, as agreed by the Ld. Counsel for the Operational Creditor, we are releasing Rs. 1.75 Lakhs to the IRP towards his fees and costs, which would satisfy the claim of the IRP. We direct the Registry to permit IRP to withdraw Rs. 1,75,000/-and the balance amount of Rs. 25,000/- is to be refunded to the Operational Creditor on submission of proper receipt. Upon the aforesaid observation the CA is allowed and disposed of. Accordingly, CP is disposed of as withdrawn.