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Judgment
Heard Learned Counsel for the Appellant as well as Learned Counsel for the Operational Creditor.
A Settlement Agreement dated 01.07.2023 entered between the parties under which Settlement amount has already been paid to the Operational Creditor. It is submitted by the Counsel for the Appellant that it is agreed between the Appellant and the Operational Creditor that IRP fees and expenses shall be paid by the Appellant and till date Rs.4.5 Lakhs has been paid to the IRP.
Learned Counsel for the IRP submits that he has received only Rs.4 Lakhs.
The Corporate Insolvency Resolution Process (CIRP) is initiated from 20.06.2023. By interim order passed by this Appellate Tribunal, Committee of Creditors has not been constituted. Settlement having reached between the parties, we are of the view that the CIRP be closed and need not proceed any further. Order dated 20.06.2023 is set aside. IRP fees as per IBBI Circulars and expenses which have been occurred from 20.06.2023 till date be paid by the Appellant within four weeks from today. Appellant shall give detail of expenses incurred and detail of fee as per the Resolution Professional within one week from today. The amount after giving credit of the amount already paid shall be paid by the Appellant within two weeks thereafter.
With these directions, the Appeal is disposed of.
Learned Counsel appearing for Edelweiss Asset Reconstruction Company submits that their application under Section 7 was dismissed as infructuous due to initiation of the CIRP by order dated 20.06.2023. The order dated 20.06.2023 having been set aside by this order, it will be open for the Edelweiss Asset Reconstruction Company to take proceedings as per law.