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Judgment
Heard Learned Counsel for the Appellant as well as Learned Counsel appearing for the Financial Creditor.
This Appeal has been filed against the order dated 06.12.2023, passed by the Learned Adjudicating Authority (National Company Law Tribunal, Mumbai Bench – IV), by which Section 7 application filed by the Financial Creditor has been admitted.
In this Appeal, the interim order was passed on 15.12.2023 which is as follows:
“1. Learned Counsel for the Appellant submits that after the order was passed on 06.12.2023 the Appellant has approached the Financial Creditor for settlement and financial terms has also been almost agreed but there are certain others issues which are yet to be settled for arriving at a settlement.
Learned Counsel appearing for Respondent No. 1 may obtain instructions from the Financial Creditor. List this Appeal on 3rd January, 2024. Till the next date, Committee of Creditors shall not be constituted in pursuance of the Impugned Order.
Learned Counsel for the Appellant may serve the copy of the Appeal to Learned Counsel for Respondent.”
The interim order was extended subsequently. An I.A. being I.A. No. 2566 of 2024 has been filed bringing on record the settlement between the parties i.e., the Financial Creditor has approved vide letter dated 28.03.2024. Learned Counsel for the Financial Creditor accepts that the settlement has entered between the parties and the Appeal may be disposed of taking on record the settlement.
He, however, submits that liberty be granted to Financial Creditor to revive the Appeal if any occasion arises. The settlement is taken on record.
In view of the settlement, we see no reason to continue this Appeal and CIRP any further. The order impugned is set aside. Corporate Debtor is freed from the CIRP. The Appellant shall pay the fees and expenses as fixed by the Adjudicating Authority in paragraph 17 of the order impugned within a period of two weeks to the IRP.
The Appeal is disposed of.